H.C. Wainwright Reiterates a Buy Rating on HIVE Digital Technologies (HIVE), Sets a $6 PT

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On July 18, analyst Mike Colonnese from H.C. Wainwright reiterated a Buy rating on HIVE Digital Technologies Ltd. (NASDAQ:HIVE), setting the price target at $6.00.

The analyst based the rating on the company’s undervaluation compared to peers and its aggressive expansion plans.

Hive Digital (HIVE) Expands AI & Crypto Mining With $220M BTC Holdings

A close-up of hands typing code to facilitate the exchange of Ethereum and Ethereum Classic.

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has exhibited strong execution in increasing its hash rate rapidly, and has plans to quadruple its capacity to 25 EH/s by November 2025. The analyst reasoned that since the expansion is fully funded, it lowers financial risk considerably and increases growth visibility.

The firm also stated that HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is making notable advancements in its high-performance computing (HPC) business and plans to grow its market share and capacity in the growing AI compute sector.

Colonnese further noted that HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has underperformed its peers despite these positive developments, making it an attractive valuation opportunity for investors.

Based in Canada, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a cryptocurrency mining company with a focus on sustainable, green energy. It operates green energy-powered data center facilities in Iceland, Sweden, and Canada.

While we acknowledge the potential of HIVE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HIVE and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.