H.C. Wainwright analyst Mike Colonnese reiterated a Buy rating and $7.00 price target on Hive Digital Technologies (NASDAQ: HIVE).

The analyst commented: "We view the risk/reward as very attractive at currents levels, as we see meaningful upside potential to HIVE’s current valuation should the company execute multi-year contracts against incremental GPU deployments targeted for C2026, which the market is not currently giving the company credit for. While we acknowledge that management guidance for the GPU Cloud business has historically been a bit of a moving target, accelerating market demand for AI compute, recent financings ($115M 0% convert closed in April should largely fund down payments for near-term GPU deployments), and HIVE’s colocation partnership with Bell gives us greater confidence in the company’s near-term ability to secure lucrative AI cloud contracts. Management is now guiding to $200M of GPU Cloud ARR at ~75% EBITDA margins exiting C2026 (vs. $35M of ARR today), up from $140M at the time of its last earnings call in February, but against the same targeted fleet of 11k GPUs, reflecting a significant improvement in estimated pricing in just a few months. As it relates to valuation, we estimate HIVE’s current market cap of $1.2B fairly values just the company’s BTC mining operations ($48M per deployed EH against ~25 EH/s of installed capacity). As such, we would expect any incremental announcements on contracted GPU cloud capacity to swiftly drive an upward re-rating in the stock. Reiterate Buy and $7 price target."

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Shares of Hive Digital Technologies closed at $4.54 yesterday.