Short Interest in HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Increases By 38.5%

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 9,670,000 shares, an increase of 38.5% from the February 13th total of 6,980,000 shares. Approximately 6.3% of the company’s stock are short sold. Based on an average daily volume of 10,220,000 shares, the short-interest ratio is currently 0.9 days.

Institutional Trading of HIVE Digital Technologies

Several hedge funds have recently bought and sold shares of the company. Vident Advisory LLC lifted its position in HIVE Digital Technologies by 26.1% in the 4th quarter. Vident Advisory LLC now owns 2,831,492 shares of the company’s stock valued at $8,072,000 after purchasing an additional 585,511 shares during the last quarter. Tidal Investments LLC lifted its position in HIVE Digital Technologies by 5.0% in the 4th quarter. Tidal Investments LLC now owns 4,210,339 shares of the company’s stock valued at $11,999,000 after purchasing an additional 200,024 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in HIVE Digital Technologies in the 4th quarter valued at about $26,000. Point72 Asset Management L.P. bought a new stake in HIVE Digital Technologies in the 4th quarter valued at about $249,000. Finally, Man Group plc bought a new stake in HIVE Digital Technologies in the 4th quarter valued at about $1,118,000. 24.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on HIVE shares. Canaccord Genuity Group raised their price target on shares of HIVE Digital Technologies from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. StockNews.com raised shares of HIVE Digital Technologies to a “sell” rating in a report on Tuesday, January 14th. Roth Capital raised shares of HIVE Digital Technologies to a “strong-buy” rating in a report on Wednesday, December 18th. HC Wainwright reissued a “buy” rating and set a $10.00 price objective (up from $8.00) on shares of HIVE Digital Technologies in a report on Thursday, February 13th. Finally, Rosenblatt Securities began coverage on shares of HIVE Digital Technologies in a report on Friday, March 7th. They set a “buy” rating and a $6.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $7.64.

HIVE Digital Technologies Stock Performance

Shares of NASDAQ HIVE traded up $0.01 during midday trading on Monday, hitting $1.75. The company’s stock had a trading volume of 7,510,764 shares, compared to its average volume of 5,502,416. HIVE Digital Technologies has a 1-year low of $1.66 and a 1-year high of $5.54. The firm’s fifty day moving average price is $2.64 and its 200-day moving average price is $3.23. The company has a debt-to-equity ratio of 0.03, a quick ratio of 10.41 and a current ratio of 10.41. The firm has a market cap of $276.66 million, a P/E ratio of -35.00 and a beta of 3.51.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.05. HIVE Digital Technologies had a negative net margin of 5.45% and a negative return on equity of 8.95%. On average, sell-side analysts forecast that HIVE Digital Technologies will post -0.32 EPS for the current fiscal year.

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.