Hive Stock Rises On Multiple Price Target Hikes Post 'Solid' Q3 Results: Retail Sentiment Edges Up
Synopsis
Analysts at H.C. Wainwright called Hive one of the most undervalued miners in the cryptocurrency sector despite its near-term growth prospects and potential upside thanks to artificial intelligence (AI).
Shares of Hive Blockchain Technologies Ltd. (HIVE) gained over 2.5% during Thursday’s mid-day trade as multiple price target hikes poured in after the company’s third-quarter (Q3) results surpassed expectations.
According to TheFly, analysts at H.C. Wainwright and Canaccord hiked price targets for the Hive stock while maintaining their ‘Buy’ rating.
While H.C. Wainwright hiked its price target to $10 from $8, implying an upside of a whopping 253%, analysts at Canaccord hiked their target to $9 from $8.
Both the brokerages underscored Hive’s “solid” third-quarter performance. H.C. Wainwright called Hive one of the most undervalued miners in the cryptocurrency sector despite its near-term growth prospects and potential upside thanks to artificial intelligence (AI).
Similarly underscoring their bullish outlook for the Hive stock, Canaccord analysts observed that Hive’s conservative growth strategy is now paying off.
Despite this, the brokerage noted that Hive’s somewhat less aggressive ramp in power portfolio resulted from the company maintaining its focus on sticking only with green energy sources.
Analysts at Keefe Bruyette noted that Hive stock’s current levels make for an “attractive entry point” and that its third-quarter performance was a “sign of progress.”
Hive surpassed estimates with a revenue of $29.2 million during the third quarter, ahead of an estimated $28.24 million. The company also swung to profitability, with a net income of $1.3 million, compared to a loss of $7 million in the same period last year.
On Stocktwits, retail sentiment around the Hive stock increased slightly compared to a day ago but still hovered in the ‘bearish’ (43/100) territory. Message volume remained in the ‘high’ levels.
One user said they will pick up some stock as they can “see some potential.”
Hive’s share price has been under pressure over the past six months, falling slightly over 1%. Its one-year performance is considerably worse, with a decline of over 22%.
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