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Investing.com - H.C. Wainwright raised its price target on Hive Digital Technologies (NASDAQ:HIVE) to $10.00 from $8.00 on Tuesday, while maintaining a Buy rating on the stock. The new target represents a potential 181% upside from the current price of $3.56, which sits well above InvestingPro’s Fair Value estimate.
The price target increase follows Hive’s announcement of a strategic expansion of its AI Cloud business and a strong top-line beat for the second quarter of fiscal 2026. Hive shares outperformed on Monday, rising 7.6% while the Nasdaq declined 0.8%. This continues a pattern of volatility, with the stock posting a 72% gain over the past six months despite a nearly 23% drop in the past week.
Hive management is now guiding to $140 million in annual run-rate revenue for its HPC/AI business by the end of calendar 2026, up from approximately $20 million generated in the third quarter of calendar 2025. The company outlined plans to scale from about 5,000 GPUs installed today to 11,000 GPUs by the end of next year. InvestingPro data shows Hive has already achieved impressive 57% revenue growth in the last twelve months, with analysts forecasting 201% growth for fiscal 2026.
H.C. Wainwright cited Hive’s "attractive valuation" as shares trade at less than 4.5 times 2026 estimated adjusted EBITDA, along with the company’s near-term growth prospects, as reasons for maintaining its Buy rating.
The new $10 price target reflects a 5x EV/revenue multiple applied to H.C. Wainwright’s revised calendar 2026 revenue estimate of $498.7 million, down from a previous estimate of $534.8 million.
In other recent news, Hive Digital Technologies reported its fiscal second-quarter 2026 results, which Rosenblatt described as "impressive," reaffirming its Buy rating and setting a $10.00 price target. The company has achieved significant growth, surpassing 22 exahash per second in global Bitcoin-mining capacity, marking a 267% increase year-to-date. This expansion was driven by the successful development of its hydro-powered facility in Valenzuela, Paraguay, with current production at 9.5 Bitcoin per day. Additionally, Hive Digital Technologies announced the acquisition of a 7.2 megawatt data center in Toronto, which will be upgraded to support high-performance computing and artificial intelligence workloads. The company also reported a 22% increase in Bitcoin production for August 2025, mining 247 BTC compared to 203 BTC in July. During this period, Hive maintained an average daily production of 8 BTC with an average hashrate of 16.3 EH/s. The company’s fleet efficiency was approximately 18.5 joules per terahash, producing 15.2 BTC per EH/s. These developments reflect Hive Digital Technologies’ aggressive growth strategy and expansion into new technological areas.
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