HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 7.6% – Here’s What Happened

HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s share price traded down 7.6% on Wednesday . The stock traded as low as $4.42 and last traded at $4.2690. 4,315,846 shares were traded during trading, a decline of 78% from the average session volume of 19,773,615 shares. The stock had previously closed at $4.62.

Wall Street Analysts Forecast Growth

HIVE has been the subject of several research analyst reports. Northland Securities set a $7.50 price target on HIVE Digital Technologies in a research note on Tuesday, October 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $10.00 target price on shares of HIVE Digital Technologies in a research note on Monday, October 13th. Roth Capital lifted their price target on shares of HIVE Digital Technologies from $6.00 to $7.50 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Rosenblatt Securities boosted their price target on shares of HIVE Digital Technologies from $5.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, Wall Street Zen raised HIVE Digital Technologies from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $8.00.

HIVE Digital Technologies Trading Down 11.3%

The company has a quick ratio of 3.42, a current ratio of 3.42 and a debt-to-equity ratio of 0.02. The firm’s fifty day moving average is $4.72 and its two-hundred day moving average is $3.02. The firm has a market cap of $974.57 million, a P/E ratio of -20.50 and a beta of 3.54.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its earnings results on Thursday, August 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02. HIVE Digital Technologies had a negative net margin of 17.47% and a negative return on equity of 17.39%. The firm had revenue of $45.61 million during the quarter, compared to analysts’ expectations of $45.16 million. Analysts predict that HIVE Digital Technologies Ltd. will post -0.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HIVE. SBI Securities Co. Ltd. boosted its position in shares of HIVE Digital Technologies by 30.9% during the first quarter. SBI Securities Co. Ltd. now owns 31,950 shares of the company’s stock valued at $46,000 after purchasing an additional 7,535 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of HIVE Digital Technologies during the 1st quarter valued at $31,000. Phoenix Financial Ltd. grew its position in shares of HIVE Digital Technologies by 81.3% in the 1st quarter. Phoenix Financial Ltd. now owns 208,904 shares of the company’s stock worth $304,000 after buying an additional 93,704 shares during the period. Arkadios Wealth Advisors bought a new position in shares of HIVE Digital Technologies in the 1st quarter worth about $72,000. Finally, Baader Bank Aktiengesellschaft purchased a new position in HIVE Digital Technologies during the 1st quarter valued at about $51,000. Institutional investors own 24.42% of the company’s stock.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company engages in the mining and sale of digital currencies, including Ethereum Classic, Bitcoin, and other coins. It also operates data centers; and offers infrastructure solutions. The company was formerly known as HIVE Blockchain Technologies Ltd.