Hive Digital Technologies Receives 'Buy' Rating with $6 Price Target

Hive Digital Technologies has received a 'buy' rating from Jones Trading, which initiated coverage on the company with a price target of $6.00.

The analysts at Jones Trading highlighted Hive's transition to address power shortages with locked-in returns and its experience in AI and high-performance computing.

Hive Digital Technologies was founded in 2017 as the first publicly-traded cryptocurrency mining firm, initially focusing on GPU mining through a partnership with Genesis Mining in Iceland when Ethereum operated on a proof-of-work protocol.

The company later expanded Bitcoin mining operations, first in Sweden and then in Canada. Its transition to AI and high-performance computing is seen as a key factor in its growth prospects.