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

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the target of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 3,840,000 shares, an increase of 15.7% from the May 31st total of 3,320,000 shares. Based on an average daily trading volume, of 2,880,000 shares, the short-interest ratio is currently 1.3 days. Currently, 3.7% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. HC Wainwright reiterated a “neutral” rating and issued a $3.50 price target on shares of HIVE Digital Technologies in a research note on Wednesday, June 26th. StockNews.com upgraded shares of HIVE Digital Technologies to a “sell” rating in a research note on Sunday, June 9th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $6.00 price target on shares of HIVE Digital Technologies in a research report on Wednesday, June 26th.

Institutional Trading of HIVE Digital Technologies

Several hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in HIVE Digital Technologies by 2.8% during the 3rd quarter. Invesco Ltd. now owns 2,918,364 shares of the company’s stock worth $8,989,000 after buying an additional 80,788 shares during the period. Global Strategic Investment Solutions LLC bought a new position in HIVE Digital Technologies during the fourth quarter worth about $113,000. Mirae Asset Global Investments Co. Ltd. raised its stake in HIVE Digital Technologies by 6.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 914,308 shares of the company’s stock worth $4,133,000 after purchasing an additional 54,615 shares in the last quarter. Atria Wealth Solutions Inc. bought a new stake in HIVE Digital Technologies in the 4th quarter valued at about $45,000. Finally, Van ECK Associates Corp grew its position in shares of HIVE Digital Technologies by 39.8% during the 4th quarter. Van ECK Associates Corp now owns 1,843,702 shares of the company’s stock worth $8,352,000 after purchasing an additional 524,613 shares in the last quarter. 24.42% of the stock is owned by institutional investors and hedge funds.

HIVE Digital Technologies Price Performance

NASDAQ:HIVE opened at $3.14 on Wednesday. The company has a market cap of $367.64 million, a P/E ratio of -5.32 and a beta of 3.51. The firm’s fifty day moving average price is $2.77 and its two-hundred day moving average price is $3.31. HIVE Digital Technologies has a one year low of $2.18 and a one year high of $6.84. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.77 and a quick ratio of 6.77.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings results on Monday, June 24th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The business had revenue of $36.88 million for the quarter, compared to analyst estimates of $39.70 million. HIVE Digital Technologies had a negative net margin of 44.73% and a negative return on equity of 28.52%. Equities analysts expect that HIVE Digital Technologies will post -0.39 earnings per share for the current year.

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.