Stock Track | Hive Blockchain Plummets 5.08% on Mixed Q3 Results and Analyst Downgrade

Stock Track11-19

Hive Blockchain (NASDAQ: HIVE) shares plummeted 5.08% in Monday's intraday trading session, following the company's mixed third-quarter results and an analyst downgrade. The cryptocurrency mining company reported its earnings last week, leading to a divided reaction from Wall Street analysts.

According to the news, Hive Blockchain, along with other bitcoin miners like Marathon Digital and Hut 8, reported mixed earnings for the third quarter. While the specifics of Hive's results were not provided, one analyst at HC Wainwright & Co., Mike Colonnese, maintained a "Buy" rating on the stock but raised his price target from $5 to $8, implying a potential upside of around 77%.

However, Hive Blockchain's disappointing third-quarter performance seems to have outweighed the analyst's optimism, leading to a significant sell-off in the stock on Monday. The company's share price fell sharply, reflecting investors' concerns about its ability to navigate the volatile cryptocurrency market effectively.

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