Hive Digital price target lowered to $8 from $11 at Cantor Fitzgerald

Cantor Fitzgerald analyst Brett Knoblauch lowered the firm’s price target on Hive Digital (HIVE) to $8 from $11 and keeps an Overweight rating on the shares. Hive said it mined 89 Bitcoin during the month of February, or 3.1 Bitcoin per day, a decrease from 102 Bitcoin mined in January, and its share of the overall Bitcoin network decreased to 0.69% from 0.73% on a peak hash rate basis, the analyst tells investors in a research note. Cantor continues to believe that current levels represent an attractive risk/reward, as the firm is confident in Hive’s ability to execute on its Bitcoin mining and AI Cloud targets, which will represent 300% hash rate growth and $100M in annualized run-rate revenue in 2025, respectively.