Hive Digital downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Hive Digital to Neutral from Buy with a price target of $3.50, down from $7. The company’s delay in incremental hash rate deployment could result in it losing share leading up to the April 2024 halving event, given the network hash rate continues to rise at a rapid pace, the analyst tells investors in a research note. Meanwhile, Hive’s direct production costs have risen considerably over the past three quarters, says the firm.