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Investing.com - Canaccord Genuity raised its price target on Hive Digital Technologies (NASDAQ:HIVE) to $10.00 from $9.00 on Wednesday, while maintaining a Buy rating on the cryptocurrency mining company. Currently trading at $2.39 with a P/E ratio of 6.88x, InvestingPro analysis shows HIVE is trading near its Fair Value, though investors should note the stock’s high volatility with a beta of 5.16.
The firm cited HIVE’s attractive valuation through multiple perspectives, including its expected hash rate ramp-up, Bitcoin holdings, and sum-of-the-parts analysis that factors in its GPU cloud business. With a strong current ratio of 3.42 and EBITDA of $71.48 million, HIVE demonstrates solid operational efficiency. For deeper insights into HIVE’s valuation metrics and growth potential, check out the comprehensive analysis available on InvestingPro, which offers 12 additional key insights about the company.
Canaccord noted that HIVE currently trades at approximately 3x F26E EV/Adj. EBITDA, which doesn’t fully account for the company’s imminent expansion to 25 EH/s mining capacity or its Bitcoin holdings strategy.
The research firm highlighted the continued growth of HIVE’s GPU cloud business, BUZZ (NYSE:BUZZ) HPC, which it believes should command a "material premium" compared to Bitcoin mining operations.
According to Canaccord’s analysis, the BUZZ HPC business alone could represent between 13% and 39% of HIVE’s current enterprise value, depending on valuation multiples ranging from 3x to 9x EV/Sales.
In other recent news, Hive Digital Technologies has been the subject of several analyst updates. H.C. Wainwright reiterated its Buy rating for the company, highlighting Hive Digital’s rapid hash rate expansion and growth in its high-performance computing business. The firm also adjusted its price target for Hive Digital to $6.00, citing an increase in the company’s share count. Meanwhile, Rosenblatt maintained a Buy rating but lowered its price target to $5.00, pointing to reduced capital flexibility. Cantor Fitzgerald, on the other hand, raised its price target to $5.50, maintaining an Overweight rating and noting Hive’s potential to become the second-fastest growing Bitcoin mining company by 2025. Hive Digital recently held an investor day in New York City, where management provided updates on its Bitcoin mining operations and high-performance computing businesses. The company has significantly increased its deployed hash rate, reaching 12.5 EH/s through rapid energization and rig deployments at its Paraguay datacenter. These developments reflect a period of strategic adjustments and growth for Hive Digital Technologies.
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