Joseph Vafi, an analyst from Canaccord Genuity, maintained the Buy rating on HIVE Digital Technologies (HIVE – Research Report). The associated price target remains the same with $9.00.
Joseph Vafi has given his Buy rating due to a combination of factors that highlight HIVE Digital Technologies’ strategic positioning and growth potential. The recent acquisition of Bitfarm’s Paraguay BTC mining site positions HIVE as a significant player in the industry, with the potential to reach up to 3% of the BTC network hashrate. This expansion is supported by HIVE’s conservative balance sheet and substantial BTC holdings, which provide a strong financial foundation for future growth.
Moreover, Vafi is optimistic about HIVE’s dual strategy, which includes both BTC mining and a growing GPU business. The deployment of additional Nvidia GPUs is expected to drive significant revenue from AI cloud services, adding another layer of growth potential. HIVE’s shares are considered attractively valued, trading at a low multiple relative to its assets and growth prospects. The planned expansion to 25 EH/s and the company’s substantial BTC holdings serve as catalysts for future appreciation, reinforcing Vafi’s positive outlook.
In another report released on March 11, Cantor Fitzgerald also maintained a Buy rating on the stock with a $8.00 price target.
HIVE’s price has also changed dramatically for the past six months – from $3.410 to $1.680, which is a -50.73% drop .