HIVE Digital Technologies (NASDAQ:HIVE) Given New $7.00 Price Target at Canaccord Genuity Group

HIVE Digital Technologies (NASDAQ:HIVE) had its target price lifted by equities research analysts at Canaccord Genuity Group from $6.00 to $7.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 59.45% from the company’s previous close.

A number of other brokerages have also recently commented on HIVE. B. Riley began coverage on HIVE Digital Technologies in a report on Friday, July 19th. They set a “buy” rating and a $6.00 target price on the stock. Cantor Fitzgerald assumed coverage on shares of HIVE Digital Technologies in a research note on Tuesday, October 29th. They set an “overweight” rating and a $9.00 price target on the stock. Northland Securities initiated coverage on shares of HIVE Digital Technologies in a research note on Thursday, September 19th. They set an “outperform” rating and a $5.50 price objective on the stock. Northland Capmk raised shares of HIVE Digital Technologies to a “strong-buy” rating in a research note on Thursday, September 19th. Finally, HC Wainwright raised HIVE Digital Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $4.00 to $5.00 in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $6.42.

HIVE Digital Technologies Price Performance

HIVE Digital Technologies stock traded down $0.28 during mid-day trading on Thursday, reaching $4.39. The company had a trading volume of 1,712,411 shares, compared to its average volume of 3,541,612. The stock’s 50-day simple moving average is $3.47 and its 200-day simple moving average is $3.19. HIVE Digital Technologies has a 1 year low of $2.18 and a 1 year high of $5.74. The company has a debt-to-equity ratio of 0.06, a current ratio of 7.35 and a quick ratio of 7.35. The company has a market capitalization of $545.81 million, a P/E ratio of -31.35 and a beta of 3.43.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $32.24 million for the quarter, compared to analyst estimates of $31.85 million. HIVE Digital Technologies had a negative net margin of 12.04% and a negative return on equity of 11.25%. On average, equities analysts predict that HIVE Digital Technologies will post -0.28 EPS for the current year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of institutional investors have recently added to or reduced their stakes in HIVE. Van ECK Associates Corp grew its holdings in shares of HIVE Digital Technologies by 35.4% during the 2nd quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock worth $11,995,000 after purchasing an additional 1,018,231 shares during the period. Vident Advisory LLC lifted its position in HIVE Digital Technologies by 78.6% during the first quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock valued at $5,856,000 after buying an additional 764,387 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of HIVE Digital Technologies by 48.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 325,216 shares of the company’s stock worth $1,018,000 after acquiring an additional 106,103 shares in the last quarter. Impact Partnership Wealth LLC raised its stake in shares of HIVE Digital Technologies by 202.4% in the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock valued at $151,000 after acquiring an additional 32,760 shares during the period. Finally, Gladstone Institutional Advisory LLC acquired a new position in shares of HIVE Digital Technologies during the 3rd quarter valued at $44,000. Hedge funds and other 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.