Hive Digital price target lowered to $5 from $5.50 at Rosenblatt

Rosenblatt lowered the firm’s price target on Hive Digital (HIVE) to $5 from $5.50 and keeps a Buy rating on the shares. The company reported “strong” fiscal Q4 results with better than expected revenue in both its bitcoin mining and high performance computing segments as well as improving direct costs that drove significantly higher non-GAAP gross profits, the analyst tells investors in a research note. The firm says that although Hive’s operating expenses were a “touch higher” and accounting marks lowered reported adjusted EBITDA, the results are confirmation that continued execution on its growth plans should significantly improve profitability.