Short Interest in HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Declines By 20.6%

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 4,310,000 shares, a drop of 20.6% from the October 15th total of 5,430,000 shares. Currently, 3.7% of the shares of the stock are short sold. Based on an average daily volume of 3,740,000 shares, the short-interest ratio is currently 1.2 days.

HIVE Digital Technologies Stock Performance

HIVE traded up $0.13 during trading on Friday, hitting $4.43. The stock had a trading volume of 5,597,037 shares, compared to its average volume of 3,567,318. 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 has a twelve month low of $2.18 and a twelve month high of $5.74. The firm has a market capitalization of $561.84 million, a P/E ratio of -31.64 and a beta of 3.43. The company’s 50-day moving average price is $3.51 and its 200 day moving average price is $3.20.

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 firm 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 quarter last year, the firm posted ($0.29) earnings per share. On average, equities research analysts forecast that HIVE Digital Technologies will post -0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HIVE. Lifeworks Advisors LLC acquired a new stake in HIVE Digital Technologies in the 3rd quarter valued at $35,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of HIVE Digital Technologies during the second quarter valued at $36,000. Gladstone Institutional Advisory LLC bought a new position in HIVE Digital Technologies during the 3rd quarter valued at about $44,000. Quadrature Capital Ltd bought a new position in HIVE Digital Technologies during the 3rd quarter valued at about $50,000. Finally, Wellington Management Group LLP acquired a new position in HIVE Digital Technologies in the third quarter valued at about $120,000. Hedge funds and other institutional investors own 24.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on HIVE shares. HC Wainwright lifted their target price on shares of HIVE Digital Technologies from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday. Northland Capmk raised shares of HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Northland Securities boosted their price target on shares of HIVE Digital Technologies from $5.50 to $7.00 and gave the company an “outperform” rating in a research note on Thursday. Cantor Fitzgerald began coverage on shares of HIVE Digital Technologies in a research report on Tuesday, October 29th. They set an “overweight” rating and a $9.00 price objective for the company. Finally, B. Riley began coverage on HIVE Digital Technologies in a report on Friday, July 19th. They set a “buy” rating and a $6.00 target price for the company. 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.17.

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.