Canaccord Genuity Group Forecasts Strong Price Appreciation for HIVE Digital Technologies (NASDAQ:HIVE) Stock

HIVE Digital Technologies (NASDAQ:HIVE) had its target price increased by 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 indicates a potential upside of 58.01% from the stock’s previous close.

Several other research analysts have also issued reports on HIVE. HC Wainwright upgraded shares of 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. Northland Capmk upgraded shares of HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Cantor Fitzgerald began coverage on HIVE Digital Technologies in a research note on Tuesday, October 29th. They set an “overweight” rating and a $9.00 price target for the company. B. Riley assumed coverage on HIVE Digital Technologies in a report on Friday, July 19th. They issued a “buy” rating and a $6.00 target price on the stock. Finally, Northland Securities started coverage on shares of HIVE Digital Technologies in a report on Thursday, September 19th. They set an “outperform” rating and a $5.50 price target on the stock. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.40.

HIVE Digital Technologies Trading Up 2.9 %

Shares of HIVE opened at $4.43 on Thursday. HIVE Digital Technologies has a fifty-two week low of $2.18 and a fifty-two week high of $5.74. The firm has a market cap of $561.84 million, a price-to-earnings ratio of -31.64 and a beta of 3.43. The firm has a 50 day moving average price of $3.54 and a 200-day moving average price of $3.21. The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.35 and a current ratio of 5.56.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. The business had revenue of $22.65 million during the quarter, compared to the consensus estimate of $25.32 million. HIVE Digital Technologies had a negative net margin of 12.04% and a negative return on equity of 10.78%. During the same period in the previous year, the firm posted ($0.29) earnings per share. As a group, equities research analysts forecast that HIVE Digital Technologies will post -0.28 earnings per share for the current year.

Institutional Trading of HIVE Digital Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Lifeworks Advisors LLC acquired a new position in shares of HIVE Digital Technologies in the third quarter worth about $35,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of HIVE Digital Technologies during the 2nd quarter worth approximately $36,000. Gladstone Institutional Advisory LLC purchased a new stake in shares of HIVE Digital Technologies in the third quarter valued at about $44,000. Quadrature Capital Ltd acquired a new stake in HIVE Digital Technologies during the third quarter worth $50,000. Finally, Wellington Management Group LLP purchased a new stake in shares of HIVE Digital Technologies in the 3rd quarter valued at approximately $120,000. Institutional investors and hedge funds 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.