HIVE Digital Technologies Ltd. (NASDAQ:HIVE) Short Interest Up 15.7% in June

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

Wall Street Analyst Weigh In

HIVE has been the topic of several recent research reports. HC Wainwright reiterated a “neutral” rating and issued a $3.50 price objective on shares of HIVE Digital Technologies in a research report on Wednesday, June 26th. Canaccord Genuity Group restated a “buy” rating and issued a $6.00 target price on shares of HIVE Digital Technologies in a report on Wednesday, June 26th. Finally, StockNews.com upgraded shares of HIVE Digital Technologies to a “sell” rating in a report on Sunday, June 9th.

HIVE Digital Technologies Price Performance

NASDAQ:HIVE opened at $3.14 on Wednesday. The firm has a market cap of $367.64 million, a price-to-earnings ratio of -5.32 and a beta of 3.51. The company has a current ratio of 6.77, a quick ratio of 6.77 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average is $2.77 and its two-hundred day moving average is $3.31. HIVE Digital Technologies has a 12-month low of $2.18 and a 12-month high of $6.84.

HIVE Digital Technologies (NASDAQ:HIVE) last announced its quarterly earnings data on Monday, June 24th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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%. Research analysts expect that HIVE Digital Technologies will post -0.39 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HIVE. MMCAP International Inc. SPC purchased a new position in HIVE Digital Technologies in the first quarter valued at approximately $11,227,000. Van ECK Associates Corp raised its holdings in HIVE Digital Technologies by 56.0% in the first quarter. Van ECK Associates Corp now owns 2,876,374 shares of the company’s stock valued at $9,693,000 after buying an additional 1,032,672 shares during the period. Vident Advisory LLC raised its holdings in HIVE Digital Technologies by 78.6% in the first 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 during the period. Quadrature Capital Ltd purchased a new position in HIVE Digital Technologies in the fourth quarter valued at approximately $458,000. Finally, Invesco Ltd. raised its holdings in HIVE Digital Technologies by 2.8% in the third quarter. Invesco Ltd. now owns 2,918,364 shares of the company’s stock valued at $8,989,000 after buying an additional 80,788 shares during the period. Hedge funds and other institutional investors own 24.42% of the company’s stock.

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.