Canaccord Genuity analyst Joseph Vafi maintained a Buy rating on HIVE Blockchain Technologies (HIVE – Research Report) on February 16 and set a price target of $6.00.
Joseph Vafi has given his Buy rating due to a combination of factors that indicate a strong performance and promising outlook for HIVE Blockchain Technologies. The company has demonstrated steady execution in the past quarter, showing an increase in Bitcoin mined and improvement in profitability metrics, buoyed by rising crypto prices and more efficient mining operations. HIVE’s mining fleet is considered to be one of the most efficient in the sector. Additionally, the firm’s entry into the High-Performance Computing (HPC)/Artificial Intelligence (AI) hosting market is expected to provide higher returns and is generally associated with higher valuations compared to Bitcoin mining. This diversification could lead to more stable and increased revenue streams.
Moreover, HIVE is actively repurposing its existing GPU fleet for HPC/AI applications, a move that is well-aligned with the industry’s shift towards cloud computing services. With its strong balance sheet and strategic acquisition of new mining equipment, the company is well-positioned to increase its operational capacity significantly. Vafi also notes HIVE’s 100% green energy footprint and potential for hashrate capacity expansion as additional positive factors. The company’s healthy Bitcoin holdings and potential for valuation expansion towards its peers further underpin the Buy rating.
Vafi covers the Technology sector, focusing on stocks such as Microstrategy, ASGN, and Globant SA. According to TipRanks, Vafi has an average return of 21.6% and a 51.84% success rate on recommended stocks.
In another report released on February 14, Stifel Nicolaus also maintained a Buy rating on the stock with a $9.00 price target.
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HIVE Blockchain Technologies (HIVE) Company Description:
HIVE Blockchain Technologies Ltd. engages in building a bridge from the blockchain sector to traditional capital markets. It also involves in the production of mined cryptocurrency like Ethereum around the clock. Its project include Iceland Cryptocurrency Mining. The company was founded on June 24, 1987 and is headquartered in Vancouver, Canada.
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