Chardan Capital initiated coverage of HIVE Digital Technologies with a Buy rating and a $7.50 price target. This target represents a potential upside of over 150% from the previous closing price of $2.96.
The valuation reflects HIVE’s core Bitcoin mining operations and its expansion into high-performance computing (HPC) via GPU cloud services. Chardan utilized a sum-of-the-parts methodology to value mining assets, cloud contracts, and potential colocation lease agreements.
Analysts noted HIVE’s unique position within the Canadian sovereign AI market. The company maintains the flexibility to repurpose existing data center assets for future AI workloads to diversify revenue beyond cryptocurrency mining.