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Investing.com - Cantor Fitzgerald raised its price target on Hive Digital Technologies (NASDAQ:HIVE) to $5.50 from $5.00 on Friday, while maintaining an Overweight rating on the cryptocurrency mining company. According to InvestingPro data, HIVE’s stock currently trades at $1.79, with a market capitalization of $361 million. The company’s shares have shown significant volatility, with a beta of 5.3.
The research firm cited Hive’s position to become the second-fastest growing Bitcoin mining company by hash rate in 2025, behind only BTDR, while also improving its fleet efficiency and profitability profile.
Cantor Fitzgerald noted that Hive currently trades at a significant discount to peers, with an enterprise value to petahash per second (EV/PHs) multiple of 0.03x compared to the Bitcoin mining peer average of 0.15x.
The firm highlighted that Hive’s artificial intelligence business currently generates more than $20 million in annual recurring revenue (ARR), with the company targeting $100 million ARR by calendar year 2026.
Unlike competitors who are diverting growth capital expenditure to AI data center construction, Hive is focusing on Bitcoin mining expansion while simultaneously pursuing growth in its AI cloud business, according to Cantor Fitzgerald.
In other recent news, Hive Digital Technologies has made significant advancements in its operations, particularly with its expansion efforts in Paraguay. The company has completed the first phase of infrastructure at its Yguazu facility, which includes a 100-megawatt air-cooled data center and a 200 MW substation. This expansion is projected to triple Hive’s operational capacity by the end of the second quarter, with a goal to achieve a total hashrate of 25 exahashes per second (EH/s) by the end of the year. Hive’s strategy of funding expansion through Bitcoin mining proceeds and an Equity Distribution Agreement, which raised $67.4 million, has resonated with investors.
In terms of financial analysis, H.C. Wainwright has lowered its price target for Hive Digital to $6 from $9, while maintaining a Buy rating. This adjustment reflects the recent growth in Hive’s share count and revised fiscal 2025 revenue estimates. Meanwhile, Cantor Fitzgerald has also reduced its price target for Hive to $4 from $8 but continues to hold an Overweight rating on the stock. These changes come amid Hive’s operational updates, including its recent achievement of mining 108 Bitcoin in March, an improvement from the previous month. Hive’s expansion efforts include the energization of its new Yguazu site, with plans to reach a hash rate of 25 EH/s by the end of 2025, slightly delayed from the initial target.
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