HIVE Digital Technologies (NASDAQ:HIVE) Shares Gap Up - Should You Buy?

HIVE Digital Technologies Ltd. (NASDAQ:HIVE - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.11, but opened at $4.28. HIVE Digital Technologies shares last traded at $4.29, with a volume of 1,439,173 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on HIVE shares. 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. B. Riley started coverage on shares of HIVE Digital Technologies in a research note on Friday, July 19th. They set a "buy" rating and a $6.00 price target on the stock. Cantor Fitzgerald started coverage on shares of HIVE Digital Technologies in a research note on Tuesday. They set an "overweight" rating and a $9.00 price target on the stock. Northland Capmk upgraded shares of HIVE Digital Technologies to a "strong-buy" rating in a research note on Thursday, September 19th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $6.00 target price on shares of HIVE Digital Technologies in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, HIVE Digital Technologies presently has an average rating of "Moderate Buy" and an average target price of $6.25.

HIVE Digital Technologies Stock Up 4.1 %

The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.35 and a current ratio of 7.35. The company has a market capitalization of $503.82 million, a price-to-earnings ratio of -7.41 and a beta of 3.48. The firm's 50-day simple moving average is $3.21 and its 200-day simple moving average is $3.08.

HIVE Digital Technologies (NASDAQ:HIVE - Get Free Report) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company 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 25.74% and a negative return on equity of 20.88%. Sell-side analysts forecast that HIVE Digital Technologies Ltd. will post -0.28 earnings per share for the current year.

Institutional Trading of HIVE Digital Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp grew its position in HIVE Digital Technologies by 35.4% in 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 last quarter. MMCAP International Inc. SPC bought a new position in shares of HIVE Digital Technologies during the 1st quarter worth about $11,227,000. Vident Advisory LLC lifted its holdings in shares of HIVE Digital Technologies by 78.6% during the 1st quarter. Vident Advisory LLC now owns 1,737,308 shares of the company's stock worth $5,856,000 after acquiring an additional 764,387 shares during the period. Impact Partnership Wealth LLC lifted its holdings in shares of HIVE Digital Technologies by 202.4% during the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company's stock worth $151,000 after acquiring an additional 32,760 shares during the period. Finally, Gladstone Institutional Advisory LLC bought a new position in shares of HIVE Digital Technologies during the 3rd quarter worth about $44,000. 24.42% of the stock is currently owned by institutional investors and hedge funds.

About HIVE Digital Technologies

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.