HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Sees Significant Drop in Short Interest

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 5,340,000 shares, a decline of 12.2% from the September 15th total of 6,080,000 shares. Approximately 4.5% of the company’s shares are short sold. Based on an average daily trading volume, of 3,440,000 shares, the short-interest ratio is currently 1.6 days.

Hedge Funds Weigh In On HIVE Digital Technologies

A number of hedge funds have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC acquired a new stake in HIVE Digital Technologies in the 2nd quarter valued at $36,000. Sloy Dahl & Holst LLC acquired a new position in shares of HIVE Digital Technologies during the first quarter worth about $41,000. Impact Partnership Wealth LLC boosted its position in shares of HIVE Digital Technologies by 202.4% in the second quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock worth $151,000 after buying an additional 32,760 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of HIVE Digital Technologies in the fourth quarter valued at about $458,000. Finally, Vident Advisory LLC raised 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 valued at $5,856,000 after buying an additional 764,387 shares during the period. Hedge funds and other institutional investors own 24.42% of the company’s stock.

HIVE Digital Technologies Trading Up 3.6 %

Shares of HIVE Digital Technologies stock traded up $0.12 during trading hours on Wednesday, reaching $3.45. The stock had a trading volume of 4,901,428 shares, compared to its average volume of 3,318,929. The company has a current ratio of 7.35, a quick ratio of 7.35 and a debt-to-equity ratio of 0.06. HIVE Digital Technologies has a 1 year low of $2.18 and a 1 year high of $5.74. The firm has a market capitalization of $406.12 million, a price-to-earnings ratio of -5.85 and a beta of 3.48. The firm has a 50 day simple moving average of $3.08 and a two-hundred day simple moving average of $3.04.

HIVE Digital Technologies (NASDAQ:HIVE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). HIVE Digital Technologies had a negative net margin of 25.74% and a negative return on equity of 20.88%. The firm had revenue of $32.24 million for the quarter, compared to analyst estimates of $31.85 million. As a group, equities research analysts anticipate that HIVE Digital Technologies will post -0.28 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Canaccord Genuity Group reissued a “buy” rating and set a $6.00 price target on shares of HIVE Digital Technologies in a research note on Wednesday, August 21st. Northland Capmk raised HIVE Digital Technologies to a “strong-buy” rating in a research note on Thursday, September 19th. Northland Securities started 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 for the company. B. Riley assumed coverage on shares of HIVE Digital Technologies in a research report on Friday, July 19th. They issued a “buy” rating and a $6.00 target price on the stock. Finally, HC Wainwright raised shares of HIVE Digital Technologies from a “neutral” rating to a “buy” rating and upped their price target for the stock from $4.00 to $5.00 in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, HIVE Digital Technologies has a consensus rating of “Moderate Buy” and an average price target of $5.70.

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.