Jones Trading initiated coverage of HIVE Digital Technologies with a Buy rating and a $6.00 price target. The target represents roughly 90% upside. HIVE recently traded at $3.16.
The positive outlook reflects HIVE’s strategic shift toward artificial intelligence and high-performance computing, building on its experience with GPU-based computing in cryptocurrency mining.
Jones Trading highlighted HIVE’s advancing GTA gigafactory initiative and power pipeline opportunity as key parts of its investment thesis. HIVE is also expanding its AI cloud services, including through a recently announced five-year, $350 million agreement that is expected to significantly increase annual recurring revenue.