Movement Alert｜HIVE Digital Technologies Falls 9.15% in Regular Trading, Revenue Miss and Crypto Sector Weakness Weigh on Shares

Market Focus06-05 22:44

On June 5, HIVE Digital Technologies declined 9.15% in regular trading, trading at $3.915/share, with trading volume of $38.60 million.

On the news front, HIVE Digital Technologies recently reported fourth-quarter earnings per share of $0.02, beating the analyst consensus estimate of -$0.22 by over 109%. However, quarterly revenue came in at $71.82 million, missing the consensus estimate of $78.92 million by approximately 9%. While B. Riley subsequently raised its price target on HIVE to $8 from $5 and maintained a Buy rating, the revenue shortfall appears to continue weighing on sentiment.

Within the Application Software sector where HIVE belongs, crypto-related names experienced broad-based selling pressure. Among sector constituents, Strategy fell 7.25%, IREN Ltd declined 9.15%, Circle Internet Corp. dropped 7.24%, Palantir Technologies fell 2.39%, while AppLovin Corporation bucked the trend with a 1.64% gain. The sector-wide weakness in blockchain and digital asset stocks amplified downside pressure on HIVE shares despite the recent earnings beat and analyst upgrade.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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