HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Short Interest Down 6.9% in December

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was the recipient of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 3,500,000 shares, a decrease of 6.9% from the November 30th total of 3,760,000 shares. Currently, 2.7% of the shares of the company are short sold. Based on an average daily volume of 6,250,000 shares, the days-to-cover ratio is currently 0.6 days.

HIVE Digital Technologies Stock Performance

Shares of HIVE Digital Technologies stock traded down $0.06 on Monday, hitting $2.91. 7,742,567 shares of the company’s stock were exchanged, compared to its average volume of 4,121,724. HIVE Digital Technologies has a 1 year low of $2.18 and a 1 year high of $5.54. The company has a 50-day simple moving average of $3.93 and a 200-day simple moving average of $3.48. The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.56 and a current ratio of 5.56. The stock has a market capitalization of $399.54 million, a PE ratio of -20.78 and a beta of 3.39.

HIVE Digital Technologies (NASDAQ:HIVE) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. The company had revenue of $22.65 million for the quarter, compared to the consensus estimate of $25.32 million. HIVE Digital Technologies had a negative return on equity of 10.78% and a negative net margin of 12.04%. During the same period in the previous year, the business earned ($0.29) earnings per share. As a group, equities analysts anticipate that HIVE Digital Technologies will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. State Street Corp lifted its holdings in HIVE Digital Technologies by 2.9% during the third quarter. State Street Corp now owns 3,214,101 shares of the company’s stock valued at $10,060,000 after purchasing an additional 91,056 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of HIVE Digital Technologies during the 3rd quarter valued at $463,000. Van ECK Associates Corp lifted its stake in shares of HIVE Digital Technologies by 35.4% during 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 in the last quarter. Wellington Management Group LLP bought a new position in HIVE Digital Technologies in the 3rd quarter worth $120,000. Finally, Centiva Capital LP purchased a new stake in HIVE Digital Technologies in the 3rd quarter worth $235,000. 24.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on HIVE shares. Northland Securities lifted their price objective on HIVE Digital Technologies from $5.50 to $7.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Northland Capmk raised shares of HIVE Digital Technologies to a “strong-buy” rating in a report on Thursday, September 19th. Roth Mkm assumed coverage on shares of HIVE Digital Technologies in a report on Thursday, December 19th. They issued a “buy” rating and a $7.50 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 target price on shares of HIVE Digital Technologies in a research report on Tuesday, November 19th. Finally, Canaccord Genuity Group increased their price target on HIVE Digital Technologies from $6.00 to $7.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One analyst has rated the stock with a sell rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, HIVE Digital Technologies currently has a consensus rating of “Buy” and an average price target of $7.42.

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.