HIVE Digital Technologies (Nasdaq: HIVE) has had a remarkable few weeks on the market, and the numbers tell a clear story of the company's rising momentum. On May 18, HIVE's subsidiary BUZZ H
HIVE Digital Technologies (Nasdaq: HIVE) has had a remarkable few weeks on the market, and the numbers tell a clear story of the company's rising momentum.
On May 18, HIVE's subsidiary BUZZ HPC (High Performance Computing) unveiled plans for a 320-megawatt AI "gigafactory" in the Greater Toronto Area, secured through the acquisition of roughly 25 acres of contiguous land for $58 million, with a power allocation to support fully vertically integrated AI supercomputers capable of hosting more than 100,000 GPUs at full build-out.
The project carries an estimated capital requirement of CAD $3.5 billion and is targeted to come online in the second half of 2027.
Related: HIVE subsidiary BUZZ launches major AI infrastructure project in Toronto
The market responded immediately. By mid-morning trading on May 18, HIVE shares climbed 34%, later touching $3.92, a gain of roughly 45% from the May 15 close of $2.69.
The move continued through the week.
By May 20, HIVE closed at $3.755, an over 50% run from the April lows of $2.24–$2.50, with former resistance in the $2.80–$3.00 range now acting as support.
By May 22, the stock held above $3.80 almost all session and closed near the highs around $4.10.
The announcement also triggered a wave of analyst activity.
Cantor Fitzgerald raised its price target on HIVE to $4.60 from $3 on May 19, maintaining an Overweight rating, with analyst Brett Knoblauch noting that expected compute shortages in 2026 and 2027 could create significant demand for HIVE's infrastructure.
Knoblauch underlined that its revised valuation still does not account for the complete energization of the additional 320 megawatts recently added to HIVE's portfolio. In other words, the upside case has not been fully priced in yet.
The same day, Northland Securities also issued a fresh Buy rating on the stock.
The broader analyst consensus is bullish.
Around eight analysts covering HIVE carry a consensus Strong Buy rating with an average price target of $6.75, forecasting a potential upside of roughly 51% from current levels. The highest target on the street sits at $10, as per TipRanks data.
Founded in 2017, HIVE Digital Technologies was among the first publicly listed companies to prioritize mining digital assets powered by green energy.
Over time, it evolved beyond crypto mining into a dual-engine business, running Bitcoin mining operations alongside a growing high-performance computing and AI cloud business through its subsidiary BUZZ HPC. The company operates next-generation data centers in Canada, Sweden, and Paraguay, and trades on both the Nasdaq and TSX under the ticker HIVE.
With full-year 2026 financial results due June 1 and an earnings call set for June 2, the next test for HIVE comes sooner than most investors expected.
At the time of writing, the HIVE stock was trading at $4.46.
Related: HIVE CEO says Bitcoin is becoming the ‘American electrodollar’
