Hive Blockchain: Canaccord Remains Positive On Outlook

On August 26th, Canaccord Genuity Capital Markets’ raised their 12-month price target on Hive Blockchain (TSXV: HIVE) to US$7.00 from US$5.50 while reiterating their buy rating on the stock. They believe that HIVE continues to execute its plan and believe that the current setup is attractive for many reasons.

Canaccord comments that on a macro level, they believe “digital assets are biased higher in the medium term.” Specifically, Ethereum and Bitcoin which have seen the least volatility over recent months. As some of these asset prices have slowly rebounded, Canaccord believes this will have a more significant positive impact on miners than any other segment of the asset class.

On a company level, HIVE’s mining efficiency, “is supported by a modern mining fleet and diversification into mining ETH.” While most recently, the company received the first Intel ASIC explicitly designed for bitcoin mining. On top of this, HIVE recently completed building a fourth facility at its New Brunswick site. These are all things that Canaccord highlights when saying that HIVE is currently executing on its plan.

Lastly, Canaccord believes that HIVE “checks several other boxes that we like,” which include things like 100% green energy, a business model that has optionality, and “a solid BTC HODL relative to market cap.” With all these, Canaccord expects HIVE to see multiple expansion as both the overall and crypto markets slowly start to rebound. They write, “we remain positive on Hive’s outlook.”


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Magna International: BMO Expects The Worst To Be Over

Last week, Magna International (TSX: MG) reported its third quarter financial results. The company reported...

Monday, November 15, 2021, 04:02:00 PM

Teladoc Health: Numerous Analysts Raise Price Targets Following Q3 Earnings

Yesterday, Teladoc Health (NYSE: TDOC) reported its third quarter earnings results, reporting $228.8 million in...

Saturday, October 31, 2020, 02:02:00 PM

Sundial Growers Expected To Post $13.88 Million In Q1 2021 Revenues

Sundial Growers Inc. (NASDAQ: SNDL) announced that they will be reporting their first quarter financials...

Tuesday, May 11, 2021, 02:11:00 PM

CN Rail: BMO Anticipates Continued Strong Earnings

Canadian National Railway (TSX: CNR) last week released its third-quarter financial and operating results. The...

Thursday, November 3, 2022, 04:38:00 PM

Verano Holdings: Analysts Expect $122 Million In EBITDA For Q2

Verano Holdings (CSE: VRNO) announced that they will be reporting their second quarter financials before...

Sunday, August 8, 2021, 05:10:00 PM