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On Tuesday, Cantor Fitzgerald analyst Brett Knoblauch adjusted the price target for Hive Digital Technologies (NASDAQ:HIVE) shares, bringing it down to $8.00 from the previous $10.00. The stock, currently trading at $1.73, has experienced significant volatility, with InvestingPro data showing a 42.7% decline over the past six months. Despite the reduction, the firm maintained its Overweight rating on the company’s stock.
Knoblauch expressed continued confidence in Hive Digital’s prospects, particularly highlighting the company’s potential in Bitcoin mining and AI Cloud services. He anticipates a 300% increase in hash rate growth and projects $100 million in annualized run-rate revenue for the year 2025. According to InvestingPro, the company has demonstrated strong revenue growth of 26.3% over the last twelve months, with current revenue at $121 million. Moreover, Hive Digital’s holding balance of 2,620 Bitcoin adds to the company’s appeal, providing approximately $220 million in capital at an estimated value of $84,000 per Bitcoin. This reserve is expected to support future growth initiatives, though InvestingPro notes the company is currently burning through cash rapidly.
The decision to lower the price target was influenced by revised Bitcoin price assumptions in Cantor Fitzgerald’s financial model. According to Knoblauch, the changes in Bitcoin price forecasts have a compounding effect, necessitating the update to the price target.
Despite the adjustment to the price target, Knoblauch reiterated his Overweight rating for Hive Digital Technologies. The analyst’s stance reflects a belief in the company’s attractive risk/reward profile at current levels and confidence in its execution capabilities.
Hive Digital Technologies has not issued any public statement in response to the revised price target at the time of reporting. The company’s focus remains on expanding its Bitcoin mining operations and advancing its AI Cloud services as laid out in its targets for 2025.
In other recent news, Hive Digital Technologies reported a net profit of $1.3 million for the third fiscal quarter of 2025, marking a significant recovery from the previous quarter’s loss. However, the company’s revenue decreased to $29.2 million from $31.3 million year-over-year. Hive Digital is focusing on expanding its AI cloud business and enhancing its cryptocurrency mining capabilities to drive future growth. Analyst firms have shown optimism about Hive’s growth prospects, with Rosenblatt Securities initiating coverage with a Buy rating and a $6.00 price target, citing the company’s High-Performance Computing (HPC) business and expansion plans. H.C. Wainwright also raised its price target for Hive to $10.00, maintaining a Buy rating, following Hive’s announcement of strong financial results and expansion plans in Paraguay. Canaccord Genuity increased its price target to $9.00, highlighting Hive’s commitment to green energy and its potential in the AI sector. Hive Digital’s strategic expansion in Paraguay, including the acquisition of Bitfarms’ 200 MW Yguazu site, is expected to significantly increase its hash rate, positioning the company as a fast-growing player in the industry.
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