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Thinking Of Selling HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) Stock? First, You Need To See This

HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) price on Friday, March 17, rose 5.54% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $3.05.

A look at the stock’s price movement, the close in the last trading session was $2.89, moving within a range at $2.96 and $3.2016. The beta value (5-Year monthly) was 4.40. Turning to its 52-week performance, $11.70 and $1.36 were the 52-week high and 52-week low respectively. Overall, HIVE moved -13.60% over the past month.

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HIVE Blockchain Technologies Ltd.’s market cap currently stands at around $356.67 million, with investors looking forward to this quarter’s earnings report slated for Feb 28, 2023. Analysts project the company’s earnings per share (EPS) to be $0.02, which has seen fiscal year 2023 EPS growth forecast to increase to -$2.98 and about -$0.18 for fiscal year 2024.

Analysts have a consensus estimate of $10.81 million for the company’s revenue for the quarter, with a low and high estimate of $10.2 million and $11.42 million respectively. Wall Street analysts have also projected the company’s year-on-year revenue for 2023 to grow to $105 million, representing a -49.90% decline on that reported in the last financial year.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that HIVE is a Hold. On the other hand, the stock is on average a Hold as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.

3 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 3 recommend HIVE as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

HIVE’s current price about 8.66% and 2.70% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 55.38, while 7-day volatility ratio is 9.34% and 8.31% in the 30-day chart. Further, HIVE Blockchain Technologies Ltd. (HIVE) has a beta value of 4.37, and an average true range (ATR) of 0.26. Analysts have given the company’s stock an average 52-week price target of $5.33, forecast between a low of $4.00 and high of $7.00. Looking at the price targets, the low is -31.15% off current price level while to achieve the yearly target high, price needs to move -129.51%. Nonetheless, investors will most likely welcome a -63.93% jump to $5.00 which is the analysts’ median price.

In the market, a comparison of HIVE Blockchain Technologies Ltd. (HIVE) and its peers suggest the former has performed considerably stronger. Data shows HIVE’s intraday price has changed 5.54% in last session and -67.20% over the past year. Looking at another peer, we see that Omnicell Inc. (OMCL) price has dipped -2.40% on the day. However, the stock is -59.32% off its price a year ago. Moreover, PDF Solutions Inc. (PDFS) is also down -0.58% in trading on the day while keeping a an uptrend of 47.18% over the past year. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -1.10% and -1.19% respectively in the last trading.

If we refocus on HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE), historical trading data shows that trading volumes averaged 1.21 million over the past 10 days and 1.30 million over the past 3 months. The company’s latest data on shares outstanding shows there are 116.94 million shares.

The 7.71% of HIVE Blockchain Technologies Ltd.’s shares are in the hands of company insiders while institutional holders own 16.33% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 6.66 million on Feb 27, 2023, giving us a short ratio of 5.05. The data shows that as of Feb 27, 2023 short interest in HIVE Blockchain Technologies Ltd. (HIVE) stood at 7.95% of shares outstanding, with shares short rising to 4.97 million registered in Jan 30, 2023. Current price change has pushed the stock 111.81% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the HIVE stock continues to rise going into the next quarter.

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