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

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the target of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 5,860,000 shares, a growth 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 days-to-cover ratio is currently 1.4 days. Currently, 5.0% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on HIVE shares. B. Riley started coverage on HIVE Digital Technologies in a report on Friday, July 19th. They set a “buy” rating and a $6.00 price objective on the stock. HC Wainwright upgraded shares of HIVE Digital Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.00 to $5.00 in a research report on Thursday, August 15th. StockNews.com upgraded shares of HIVE Digital Technologies to a “sell” rating in a research report on Sunday, June 9th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 price objective on shares of HIVE Digital Technologies in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, HIVE Digital Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $5.75.

Institutional Investors Weigh In On HIVE Digital Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Financial Advocates Investment Management raised its stake in shares of HIVE Digital Technologies by 10.8% in the 4th quarter. Financial Advocates Investment Management now owns 31,644 shares of the company’s stock valued at $143,000 after acquiring an additional 3,080 shares in the last quarter. Chesapeake Capital Corp IL acquired a new position in HIVE Digital Technologies in the 4th quarter valued at $92,000. Scotia Capital Inc. bought a new position in HIVE Digital Technologies in the 4th quarter worth $64,000. Quadrature Capital Ltd acquired a new position in HIVE Digital Technologies during the 4th quarter worth $458,000. Finally, Sloy Dahl & Holst LLC acquired a new position in shares of HIVE Digital Technologies during the 1st quarter worth about $41,000. Institutional investors and hedge funds own 24.42% of the company’s stock.

HIVE Digital Technologies Stock Performance

Shares of NASDAQ HIVE opened at $2.96 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 7.35 and a quick ratio of 7.35. HIVE Digital Technologies has a one year low of $2.18 and a one year high of $5.74. The business’s 50-day moving average price is $3.27 and its two-hundred day moving average price is $3.06. The company has a market capitalization of $348.44 million, a P/E 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) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $32.24 million for the quarter, compared to the consensus estimate of $31.85 million. HIVE Digital Technologies had a negative return on equity of 20.88% and a negative net margin of 25.74%. Analysts anticipate that HIVE Digital Technologies will post -0.28 earnings per share for the current fiscal year.

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.