Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
On Monday, Cantor Fitzgerald analyst Brett Knoblauch revised the price target for Hive Digital Technologies (NASDAQ: HIVE), reducing it to $4.00 from the previous $8.00. Despite the significant reduction, the firm maintains an Overweight rating on the company’s shares. The stock, currently trading at $1.48, has experienced significant volatility, with InvestingPro data showing a 56% decline over the past six months.
The adjustment follows Hive’s recent operational update, in which the company reported mining 108 Bitcoin in March, equating to an average of 3.5 Bitcoin per day. This production marks an improvement from the 89 Bitcoin mined in the previous month. Additionally, Hive achieved a peak hash rate of 6.2 exahashes per second (EH/s) in March, consistent with the rate in February. While the company maintains strong operational metrics with a current ratio of 10.4x, InvestingPro analysis indicates the company is quickly burning through cash.
Hive also provided news on its expansion efforts, announcing the energization of its new Yguazu site in Paraguay, recently acquired from BITF. The company has set a goal to reach a hash rate of 25 EH/s by the end of 2025, a timeline that has been slightly delayed from the initial target of the third quarter of 2025.
However, Hive did not offer any new information regarding its AI Cloud business, leaving investors without updates on this segment of the company’s operations. The revised price target reflects the analyst’s current assessment of Hive’s value based on the latest operational data and projections for the future.
In other recent news, Hive Digital Technologies reported a net profit of $1.3 million for Q3 FY2025, marking a significant improvement from the previous quarter’s loss. However, the company’s revenue decreased to $29.2 million from $31.3 million year-over-year. The firm is actively expanding its AI cloud business and cryptocurrency mining capabilities, aiming to achieve a 3% global hash rate by late 2025. In terms of analyst ratings, Cantor Fitzgerald lowered its price target for Hive Digital to $8, while maintaining an Overweight rating, citing changes in Bitcoin price forecasts. Rosenblatt Securities initiated coverage with a Buy rating and a $6 price target, highlighting Hive’s growth potential in its High-Performance Computing (HPC) business. H.C. Wainwright raised its price target to $10, reflecting strong financial results and the company’s expansion plans in Paraguay. Canaccord Genuity also increased its target to $9, citing Hive’s green energy commitment and strategic AI initiatives. These developments reflect Hive Digital’s strategic focus on growth and innovation in the cryptocurrency and AI sectors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.