HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 8.9% Following Insider Selling

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) traded down 8.9% on Thursday following insider selling activity. The stock traded as low as $2.51 and last traded at $2.5050. Approximately 6,771,311 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 18,585,453 shares. The stock had previously closed at $2.75.

Specifically, Director Dave Perrill sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $2.75, for a total transaction of $34,375.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

A number of research firms recently commented on HIVE. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $10.00 price objective on shares of HIVE Digital Technologies in a research note on Tuesday, August 18th. Wall Street Zen lowered HIVE Digital Technologies from a “sell” rating to a “strong sell” rating in a report on Sunday, July 12th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of HIVE Digital Technologies in a research report on Monday, August 17th. Weiss Ratings upgraded HIVE Digital Technologies from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, August 14th. Finally, Chardan Capital reissued a “buy” rating and set a $7.50 price target on shares of HIVE Digital Technologies in a research report on Wednesday, September 16th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, HIVE Digital Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.95.

HIVE Digital Technologies Trading Down 2.3%

The stock has a market cap of $686.93 million, a price-to-earnings ratio of -1.94 and a beta of 3.76. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.96 and a current ratio of 1.96. The company’s 50 day simple moving average is $2.94 and its two-hundred day simple moving average is $3.06.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Friday, August 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.33). HIVE Digital Technologies had a negative return on equity of 31.98% and a negative net margin of 98.49%. The company had revenue of $79.12 million during the quarter, compared to analysts’ expectations of $81.72 million. During the same quarter in the previous year, the company earned $0.18 EPS. Research analysts expect that HIVE Digital Technologies Ltd. will post -0.61 EPS for the current fiscal year.

Institutional Trading of HIVE Digital Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. WINTON GROUP Ltd boosted its position in HIVE Digital Technologies by 458.9% during the second quarter. WINTON GROUP Ltd now owns 59,800 shares of the company’s stock valued at $218,000 after purchasing an additional 49,100 shares during the last quarter. Engineers Gate Manager LP acquired a new position in HIVE Digital Technologies in the 2nd quarter worth about $628,000. Integrated Wealth Concepts LLC purchased a new stake in shares of HIVE Digital Technologies during the 2nd quarter worth about $130,000. Situational Awareness LP raised its stake in shares of HIVE Digital Technologies by 169.3% during the 2nd quarter. Situational Awareness LP now owns 9,133,726 shares of the company’s stock worth $33,247,000 after purchasing an additional 5,742,179 shares in the last quarter. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of HIVE Digital Technologies by 35.9% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 18,476 shares of the company’s stock valued at $64,000 after buying an additional 4,877 shares during the last quarter. 24.42% of the stock is currently owned by hedge funds and other institutional investors.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. is a digital-asset and data-center infrastructure company focused primarily on the mining of Bitcoin. The company operates specialized computing facilities designed to support energy-intensive digital-asset mining and has also been developing capabilities for high-performance computing and artificial-intelligence applications.

HIVE was founded in 2017 and was formerly known as HIVE Blockchain Technologies Ltd. Its operations have historically included data centers in Canada, Sweden and Iceland, and the company has expanded its infrastructure footprint internationally, including through development activities in Paraguay.