HIVE Digital Technologies (NASDAQ:HIVE) Sees Large Volume Increase – Here’s What Happened

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) saw unusually-strong trading volume on Tuesday . Approximately 4,560,488 shares traded hands during trading, an increase of 16% from the previous session’s volume of 3,936,002 shares.The stock last traded at $3.80 and had previously closed at $3.92.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Northland Capmk raised shares of HIVE Digital Technologies to a “strong-buy” rating in a research note on Thursday, September 19th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of HIVE Digital Technologies in a research note on Tuesday, November 19th. StockNews.com upgraded HIVE Digital Technologies to a “sell” rating in a research note on Tuesday, December 3rd. Northland Securities raised their price target on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Finally, Roth Mkm started coverage on shares of HIVE Digital Technologies in a research report on Thursday. They issued a “buy” rating and a $7.50 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $7.42.

HIVE Digital Technologies Stock Up 1.8 %

The company’s 50-day moving average is $3.97 and its 200 day moving average is $3.46. The stock has a market capitalization of $465.81 million, a PE ratio of -24.71 and a beta of 3.39. The company has a current ratio of 5.56, a quick ratio of 5.56 and a debt-to-equity ratio of 0.06.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.03. The company had revenue of $22.65 million for the quarter, compared to analyst estimates 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 prior year, the company earned ($0.29) earnings per share. As a group, analysts anticipate that HIVE Digital Technologies Ltd. will post -0.33 EPS for the current year.

Institutional Trading of HIVE Digital Technologies

Hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC increased its holdings in HIVE Digital Technologies by 527.9% in the third quarter. Virtu Financial LLC now owns 71,990 shares of the company’s stock valued at $225,000 after buying an additional 60,524 shares in the last quarter. Toronto Dominion Bank grew its position in shares of HIVE Digital Technologies by 86,334.5% during the 3rd quarter. Toronto Dominion Bank now owns 50,132 shares of the company’s stock valued at $157,000 after acquiring an additional 50,074 shares during the period. XTX Topco Ltd purchased a new position in shares of HIVE Digital Technologies in the 3rd quarter valued at about $463,000. Wellington Management Group LLP acquired a new position in HIVE Digital Technologies in the 3rd quarter worth about $120,000. Finally, State Street Corp boosted its position in HIVE Digital Technologies by 2.9% during the third quarter. State Street Corp now owns 3,214,101 shares of the company’s stock worth $10,060,000 after purchasing an additional 91,056 shares in the last quarter. 24.42% of the stock is owned by hedge funds and other institutional investors.

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.