HIVE stock jumps after Cantor Fitzgerald boosts price target

Shares of HIVE Digital Technologies (Nasdaq: HIVE) gained momentum this week after the company announced a large-scale artificial intelligence (AI) infrastructure project in Ontario and received a higher price target from Cantor Fitzgerald.

By mid-morning trading on May 18, HIVE shares had climbed 34% after the company revealed plans for what it described as one of Canada’s largest sovereign AI “gigafactories” in the Greater Toronto Area. The stock later traded as high as $3.92 on the day, marking a gain of about 45% from the May 15 close of $2.70.

Related: HIVE subsidiary BUZZ launches major AI infrastructure project in Toronto

The company said its wholly owned subsidiary, BUZZ High Performance Computing (BUZZ HPC), is moving ahead with a major AI infrastructure investment in Ontario.

A day later, on May 19, HIVE graduated to the main Toronto Stock Exchange (TSX).

At the time of writing on May 20, HIVE stock was trading at $3.75. 

Today's opening bell hit different.

Executive Chairman @bulldogholmes, President & CEO @aydinkilichive, and members of the executive team celebrated HIVE's graduation to the TSX Main Board at @TMXGroup Market Centre this morning. pic.twitter.com/Tz6pJ0Ukqu

— HIVE Digital Technologies (@HIVEDigitalTech) May 19, 2026

Cantor Fitzgerald sees stronger long-term upside

Following the announcement, Cantor Fitzgerald raised its price target on the HIVE stock to $4.60 from $3.00 on May 19 while maintaining an Overweight rating.

The firm said it now values HIVE’s cloud business using its calendar year 2027 revenue estimate instead of the calendar year 2026 estimate previously used.

Even with the revised valuation, Cantor Fitzgerald noted that it still does not account for the complete energization of the additional 320 megawatts recently added to HIVE’s portfolio.

Cantor Fitzgerald analyst Brett Knoblauch said expected compute shortages in 2026 and 2027 could create significant demand for HIVE’s compute infrastructure.

According to the analyst, a major cloud agreement with a large industry player could potentially provide enough support to finance most of the project.

The analyst also noted that before the recent announcement, HIVE Digital lacked sufficient access to power. Cantor Fitzgerald said the latest development materially changes that situation because the company now has visibility into both power availability and computer infrastructure.

The firm added that if HIVE signs a deal covering the entire 320-megawatt site, the company could generate more than $3 billion in annual recurring revenue. That figure would be nearly 20 times Cantor Fitzgerald’s current calendar year 2027 estimate.

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Revenue growth strengthens company outlook

Alongside its AI expansion efforts, HIVE also reported strong financial growth in its latest quarterly results.

The company posted record revenue of $93.1 million in the third quarter of 2025, marking a 219% year-over-year increase. HIVE’s Q3 FY2026 revenue also rose 219% YoY to $93.1 million.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $5.7 million during the quarter.

HIVE generated $88.2 million in digital currency hashrate revenue during the period. The company said the hashrate revenue came at a direct cost of $57.8 million, with nearly 90% tied to energy expenses.

Related: Hive Digital chair: AI is 'rebuilding our military in every aspect'