Rosenblatt Securities has nudged up its price target on HIVE Digital Technologies (Nasdaq: HIVE), a sign of continued confidence in the company's shift from bitcoin mining toward artificial i
Rosenblatt Securities has nudged up its price target on HIVE Digital Technologies (Nasdaq: HIVE), a sign of continued confidence in the company's shift from bitcoin mining toward artificial intelligence infrastructure.
According to TipRanks, analyst Chris Brendler raised the target to $6 from $5.50 on Aug. 20, keeping a "Buy" rating on the stock. At the time, that implied roughly 98% upside from where shares traded near $3.
HIVE is a crypto-mining company that has been expanding into high-performance computing, the business of renting out powerful chips that other companies use to train and run AI models. That pivot has become the center of its growth story.
Related: HIVE maps out its AI expansion plans on earnings call
The optimism follows HIVE's fiscal first-quarter 2027 results, reported in mid-August. Revenue rose 73% year over year to $79.1 million, and the company returned to positive adjusted earnings, a measure of operating profitability, of $13.4 million.
On the earnings call, President and CEO Aydin Kilic said the company's GPU cloud business had reached "critical mass," pointing to a new five-year contract worth about $350 million that lifted its contracted AI revenue to roughly $180 million.
It wasn't a spotless quarter. HIVE posted a $142.9 million GAAP net loss, though management stressed it was driven by non-cash charges, including an $84.7 million provision tied to a Swedish tax dispute the company says it does not plan to pay.
Rosenblatt is not alone in its stance. As per TipRanks data, several firms have reiterated bullish targets on HIVE in August, ranging from $6 to $10, reflecting broad optimism about the miner's AI transition, even as the stock trades well below those levels.
Related: Frank Holmes explains why HIVE beat hyperscalers for its largest AI deal on record
