Movement Alert|HIVE Digital Technologies Falls 8.16% in Pre-Market Trading, Revenue Misses Estimates Despite EPS Beat

Market Focus06-04 19:26

On June 4, HIVE Digital Technologies fell 8.16% in pre-market trading, trading at $4.0202/share, with trading volume of $726,600.

On the news front, HIVE Digital Technologies reported fourth-quarter earnings of $0.02 per share, beating the analyst consensus estimate of -$0.22 by 109.09%, and representing a significant improvement from the -$0.34 per share loss in the year-ago period. However, quarterly revenue of $71.816 million fell short of the $78.917 million consensus estimate, potentially weighing on investor sentiment despite the earnings surprise.

Separately, B. Riley raised its price target on HIVE Digital Technologies to $8 from $5 while maintaining a Buy rating. Despite the analyst upgrade and earnings beat, the stock declined in pre-market trading, suggesting the revenue shortfall may be driving near-term selling pressure. HIVE Digital Technologies operates data centers for cryptocurrency mining, including Bitcoin, across Canada, Sweden, and Iceland, and provides infrastructure solutions and computational capacity to blockchain networks.

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