HIVE Stock Hits Six-Month High After Price Target Hike – Bitcoin Miners Rebound With Crypto Market

• HIVE’s stock rallied to its highest level since November on Wednesday after Cantor Fitzgerald raised its price target on the stock.
• Cantor Fitzgerald said HIVE’s new AI data center project in the Greater Toronto Area could improve the company’s long-term compute capacity and cloud hosting opportunities.
• HIVE’s transition toward AI infrastructure reflects a broader industry trend among crypto miners seeking new revenue streams after the 2024 Bitcoin halving.

Shares of HIVE Digital Technologies (HIVE) rallied to touch a six-month high in morning trade on Wednesday after getting a price hike from Cantor Fitzgerald, amid a broader recovery in the equity and cryptocurrency markets. 

HIVE’s stock gained over 11% in the morning trade to hit $3.78, its highest level since November. The stock would still need to more than double in value to cross its 52-week high of $7.84 from October, when the cryptocurrency was peaking, and Bitcoin (BTC) hit a record high of over $126,000.

Retail sentiment around HIVE’s shares on Stocktwits trended in ‘extremely bullish’ territory over the past day, accompanied by ‘extremely high’ levels of chatter. 

Cantor Fitzgerald Raises Price Target On AI Expansion

Cantor Fitzgerald raised the price target on HIVE’s stock to $4.60 from $3 and kept an ‘Overweight’ rating on the shares, citing the company's recent AI data center investment in the Greater Toronto Area as the primary driver for the hike, as per TheFly.

Cantor Fitzgerald analyst Brett Knoblauch noted that the project marked a major expansion into AI infrastructure, “significantly improving its visibility into future compute supply and potentially enhancing its ability to secure large cloud tenancy agreements that could help finance the project.” 

HIVE framed the project as part of a broader push to build “sovereign AI infrastructure” within Canada on Monday, when it made the announcement. The project, located near Canada’s Toronto-Waterloo technology corridor, will be designed to support roughly 320 megawatts (MW) of electricity capacity, sufficient to power more than 100,000 GPUs.

So far, the largest publicly named hyperscaler on the company’s roster is Dell Technologies (DELL). Other names include Bell Canada and VAST Data. In February, HIVE announced that its subsidiary, BUZZ HPC, had signed “customer agreements” totaling around $30 million in contract value over two‑year fixed terms, but did not disclose client names.

Crypto Miner Stocks Rally Alongside Bitcoin Recovery

The uptick in HIVE’s stock comes amid a broader rally in crypto-linked equities after Bitcoin’s price managed to climb back over $77,000 on Wednesday morning, up 1.1% in the last 24 hours. 

Cleanspark (CLSK), MARA Holdings (MARA), Cipher Digital (CIFR), Riot Platforms (RIOT), and other Bitcoin miners pivoting towards the AI infrastructure play also gained on Wednesday. CLSK’s stock rose over 8%, while MARA’s stock rallied more than 6%. CIFR’s stock and RIOT’s shares gained over 5% each. 

HIVE’s stock has gained nearly 40% this year and has rallied almost 75% over the last 12 months.

Read also: Ethereum Climbs After Five-Day Slide, But Wintermute Warns ETH Is ‘Wrong Asset’ For Current Macro Backdrop

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