Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on HIVE Digital Technologies yesterday and set a price target of $9.00.
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Joseph Vafi’s rating is based on several compelling factors that highlight HIVE Digital Technologies’ strategic growth and operational efficiency. The company is making significant strides in expanding its exahash capacity, with a target to reach 25 EH/s by the end of 2025. This expansion is underpinned by fully paid ASICs, ensuring financial stability and operational readiness. Moreover, HIVE’s commitment to maintaining a 100% green power portfolio and its strategic power procurement, especially with the new site in Paraguay, adds to its sustainable growth narrative.
Additionally, HIVE’s dual strategy in both digital asset mining and GPU cloud services positions it uniquely in the market. The recent developments in their AI and HPC capabilities, including the expansion of their data center in Toronto, are expected to significantly boost revenue. The company’s attractive valuation, trading at approximately 3x F26E EV/Adj. EBITDA, coupled with the strategic re-domiciling to the US, enhances its investment appeal by increasing liquidity and transparency. These factors collectively contribute to Joseph Vafi’s Buy rating for HIVE Digital Technologies.
Vafi covers the Technology sector, focusing on stocks such as Strategy, ASGN, and Globant SA. According to TipRanks, Vafi has an average return of 26.6% and a 50.47% success rate on recommended stocks.
In another report released on June 27, KBW also maintained a Buy rating on the stock with a $11.00 price target.