HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Sees Significant Decline in Short Interest

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) saw a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 5,340,000 shares, a drop of 12.2% from the September 15th total of 6,080,000 shares. Approximately 4.5% of the shares of the company are sold short. Based on an average daily volume of 3,440,000 shares, the days-to-cover ratio is currently 1.6 days.

Institutional Investors Weigh In On HIVE Digital Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC acquired a new stake in HIVE Digital Technologies in the 2nd quarter valued at about $36,000. Sloy Dahl & Holst LLC acquired a new stake in shares of HIVE Digital Technologies in the first quarter valued at approximately $41,000. Impact Partnership Wealth LLC increased its stake in shares of HIVE Digital Technologies by 202.4% during the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock worth $151,000 after purchasing an additional 32,760 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of HIVE Digital Technologies during the 4th quarter worth approximately $458,000. Finally, Vident Advisory LLC lifted its stake 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 valued at $5,856,000 after buying an additional 764,387 shares in the last quarter. Institutional investors and hedge funds own 24.42% of the company’s stock.

HIVE Digital Technologies Price Performance

Shares of NASDAQ:HIVE traded up $0.12 on Wednesday, reaching $3.45. 4,901,428 shares of the company were exchanged, compared to its average volume of 3,318,929. The company has a current ratio of 7.35, a quick ratio of 7.35 and a debt-to-equity ratio of 0.06. HIVE Digital Technologies has a 1-year low of $2.18 and a 1-year high of $5.74. The company has a 50-day moving average of $3.08 and a 200-day moving average of $3.04. The firm has a market cap of $406.12 million, a price-to-earnings ratio of -5.85 and a beta of 3.48.

HIVE Digital Technologies (NASDAQ:HIVE) last issued its earnings results 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 company had revenue of $32.24 million for the quarter, compared to analyst estimates of $31.85 million. Equities analysts forecast that HIVE Digital Technologies will post -0.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

HIVE has been the subject of several analyst reports. Northland Capmk upgraded HIVE Digital Technologies to a “strong-buy” rating in a research note on Thursday, September 19th. Northland Securities started coverage on shares of HIVE Digital Technologies in a research note on Thursday, September 19th. They issued an “outperform” rating and a $5.50 target price for the company. B. Riley began coverage on shares of HIVE Digital Technologies in a report on Friday, July 19th. They issued a “buy” rating and a $6.00 target price on the stock. HC Wainwright raised shares of HIVE Digital Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $4.00 to $5.00 in a report on Thursday, August 15th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $6.00 price objective on shares of HIVE Digital Technologies in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, HIVE Digital Technologies has an average rating of “Moderate Buy” and a consensus price target of $5.70.

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.