The stock of Canada's Hive Digital Technologies (NASDAQ: $HIVE) has received a downgrade hours before the data centre operator is due to release its latest financial results. Wall Street investment bank Keefe Bruyette has trimmed its price target on Hive Digital's stock to $4.50 U.S. from $5.00 U.S. previously. The new price target is 73% higher than where the stock currently trades.
Keefe Bruyette also placed a hold-equivalent "market perform" rating on HIVE stock. MEXC Report: 74.2% of Traditional Finance Users Have Shifted Their Trading Activity to Crypto Exchanges MEXC July TradFi Trading Shifts Toward AI Storage as SNDK Futures Volume Surges More Than 15x Times Polymarket Hires Former Uber Executive To Lead Growth Initiative Hyperliquid Turns to CFTC for Path Into U.S. Perpetual Futures Market Canadian Defense Tech Firm Jumps 92% as Government Revenue Boosts Margins The firm cites overall optimism for high-performance computing (HPC) and colocation demand with artificial intelligence (A.I.) data centres that Hive Digital operates.
However, analysts at Keefe Bruyette also express caution around funding risks and A.I.-tenant model risk in assessing Hive Digital's outlook. The downgrade comes with Hive Digital scheduled to report its latest financial results after markets close on Aug. 14. The downgrade also comes after Hive Digital recently delayed filing its 10-Q quarterly report with the U.S.
Securities and Exchange Commission (SEC). A 10-Q is a report that all publicly traded companies must submit to the SEC. It contains a company's unaudited financial statements.
Hive Digital has asked the SEC for an extension. HIVE stock has declined 18% over the past month heading into the company's financial results. However, the company's share price has risen 16% over the past year to trade at $2.62 U.S.
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