HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Sees Large Decrease in Short Interest

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the target of a large decline in short interest in 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 shares of the company are short sold. Based on an average trading volume of 3,440,000 shares, the short-interest ratio is presently 1.6 days.

HIVE Digital Technologies Price Performance

Shares of NASDAQ:HIVE traded up $0.12 during trading on Wednesday, reaching $3.45. The company had a trading volume of 4,901,428 shares, compared to its average volume of 3,318,929. The company has a fifty day moving average of $3.08 and a two-hundred day moving average of $3.04. The company has a current ratio of 7.35, a quick ratio of 7.35 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $406.12 million, a P/E ratio of -5.85 and a beta of 3.48. HIVE Digital Technologies has a 12 month low of $2.18 and a 12 month high of $5.74.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Monday, August 12th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). HIVE Digital Technologies had a negative return on equity of 20.88% and a negative net margin of 25.74%. The business had revenue of $32.24 million for the quarter, compared to analysts’ expectations of $31.85 million. Equities research analysts forecast that HIVE Digital Technologies will post -0.28 earnings per share for the current year.

Institutional Trading of HIVE Digital Technologies

A number of hedge funds have recently bought and sold shares of HIVE. Vanguard Personalized Indexing Management LLC bought a new position in HIVE Digital Technologies during the second quarter valued at approximately $36,000. Sloy Dahl & Holst LLC bought a new stake in shares of HIVE Digital Technologies in the 1st quarter worth approximately $41,000. Impact Partnership Wealth LLC boosted its stake in shares of HIVE Digital Technologies by 202.4% in the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock valued at $151,000 after purchasing an additional 32,760 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of HIVE Digital Technologies during the 4th quarter valued at $458,000. Finally, Vident Advisory LLC raised its position in HIVE Digital Technologies by 78.6% in the 1st quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock worth $5,856,000 after purchasing an additional 764,387 shares during the period. Institutional investors own 24.42% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Northland Securities initiated 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 target on the stock. HC Wainwright upgraded HIVE Digital Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.00 to $5.00 in a research report on Thursday, August 15th. Northland Capmk upgraded HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 price objective on shares of HIVE Digital Technologies in a research note on Wednesday, August 21st. Finally, B. Riley began coverage on HIVE Digital Technologies in a research note on Friday, July 19th. They issued a “buy” rating and a $6.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, HIVE Digital Technologies presently has an average 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.