Short Interest in HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Expands By 23.6%

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 5,860,000 shares, an increase of 23.6% from the August 15th total of 4,740,000 shares. Based on an average daily volume of 4,200,000 shares, the short-interest ratio is presently 1.4 days. Approximately 5.0% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

HIVE has been the topic of several recent analyst reports. StockNews.com raised HIVE Digital Technologies to a “sell” rating in a research note on Sunday, June 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $6.00 price objective on shares of HIVE Digital Technologies in a research note on Wednesday, August 21st. 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 target price on the stock. Finally, HC Wainwright raised shares of HIVE Digital Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $4.00 to $5.00 in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.75.

HIVE Digital Technologies Price Performance

Shares of NASDAQ:HIVE opened at $2.96 on Tuesday. HIVE Digital Technologies has a twelve month low of $2.18 and a twelve month high of $5.74. The stock’s 50 day moving average is $3.27 and its 200-day moving average is $3.06. The company has a quick ratio of 7.35, a current ratio of 7.35 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $348.44 million, a price-to-earnings ratio of -5.02 and a beta of 3.48.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.08) earnings per share for the quarter, hitting 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 the consensus estimate of $31.85 million. Sell-side analysts forecast that HIVE Digital Technologies will post -0.28 EPS for the current fiscal year.

Hedge Funds Weigh In On HIVE Digital Technologies

Several large investors have recently added to or reduced their stakes in HIVE. Van ECK Associates Corp raised 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 valued at $11,995,000 after buying 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 first quarter valued at about $11,227,000. Vident Advisory LLC boosted its holdings in HIVE Digital Technologies by 78.6% during the first 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 last quarter. Quadrature Capital Ltd bought a new stake in HIVE Digital Technologies in the 4th quarter worth about $458,000. Finally, Impact Partnership Wealth LLC increased its stake in 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 buying an additional 32,760 shares during the last quarter. Institutional investors own 24.42% of the company’s stock.

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.