HIVE Digital Technologies Ltd HIVE on Thursday reported its fiscal fourth-quarter results.

The announcement came amid an exciting earnings season. Here are some key analyst takeaways.

Rosenblatt Securities On HIVE Digital Technologies

Analyst Chris Brendler maintained a Buy rating, while cutting the price target from $5.50 to $5.

HIVE Digital Technologies reported strong fiscal fourth-quarter results with revenues at $31.2 million, beating estimates of $27.4 million, driven by both its Bitcoin mining and HPC segments, Brendler said in a note. Gross margin expansion to 28% took non-GAAP gross profits to a higher-than-expected $8.8 million, he added.

Although operating expenses were a little higher than expected and drove down adjusted earnings, "We view these results as confirmation that continued execution on its growth plans should significantly improve profitability," the analyst wrote.

HIVE Digital Technologies has made "significant progress on its growth plans," with the expansion of its mining operations already raising its operational hashrate, which could reach 25 EH/s (exahashes per second) by late November, he added.

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HC Wainwright On HIVE Digital Technologies

Analyst Mike Colonnese reiterated a Buy rating and price target of $6.00.

HIVE Digital Technologies' shares came under pressure after the fourth-quarter results due to the earnings miss, creating a “buying opportunity,” Colonnese said. Investors seem to be undervaluing the company's "rapidly growing" Bitcoin mining operations, he wrote.

HIVE Digital Technologies has reached mining of 11.5 EH/s, representing 83% growth from March's 6.3 EH/s, the analyst stated. Management expects production to reach 25 EH/s by the end of November, he added.

HIVE Price Action: Shares of HIVE Digital Technologies had declined by 0.56% to $1.78 at the time of publication on Friday.

Read More:   • EXCLUSIVE: HIVE’s Bitcoin Ambitions Are Exploding — But Can The Grid Keep Up?