Cantor Fitzgerald Starts Hive Digital Technologies (HIVE) at Overweight

Cantor Fitzgerald analyst Brett Knoblauch initiates coverage on Hive Digital Technologies (NASDAQ: HIVE) with a Overweight rating and a price target of $9.00.

The analyst comments "We are initiating coverage of HIVE Digital Technologies with an Overweight rating and 12- month $9 PT. HIVE is a vertically integrated Bitcoin miner with data centers located in Canada, Paraguay, Sweden, and Iceland. With 5.5 EH/S of hash rate capacity, it is a Top 10 miner when it comes to hash rate. However, HIVE has underperformed other miners, as it has chosen to focus on maximizing returns from fleet investments rather than pursuing a growth-at-any-cost model. The market historically rewarded the growth model, which is why we believe shares are now interesting, as we expect HIVE to more than double its hash rate over the next year, while also prioritizing its currently best-in-class mining efficiency ratio. Furthermore, what we expect to be more appealing to investors is what HIVE is doing regarding AI/HPC. While it might one day look into a colocation model, its eyes are set on its GPU cloud model named HIVE Cloud. HIVE currently has 4,896 GPUs (generating $10m ARR) and is planning on expanding its GPU fleet meaningfully over the coming years, as it is targeting $100m of ARR by the end of CY25. We believe the market is under-appreciating the coming hash rate growth inflection as well as HIVE's GPU ambitions, making shares attractive at current levels."

For an analyst ratings summary and ratings history on Hive Digital Technologies click here. For more ratings news on Hive Digital Technologies click here.

Shares of Hive Digital Technologies closed at $4.11 yesterday.

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