Chardan Initiates Coverage on HIVE with Buy Rating and $7.50 Price Target

HIVE Digital Technologies Ltd has seen its stock price surge by 14.31% in recent days, driven by bullish sentiment in the cryptocurrency market.

Chardan, a research firm, has initiated coverage on HIVE with a Buy rating and a $7.50 price target, citing the company's scale in bitcoin mining and its push into AI-focused GPU cloud and colocation services.

The firm's note highlights HIVE's strategy to serve Canadian sovereign AI demand by layering AI infrastructure on top of its existing data center footprint.

Chardan's $7.50 target sits just above the analyst mean of $7.06, reinforcing a Buy consensus and adding another bullish voice to the HIVE trading narrative.