H.C. Wainwright has lowered its price target on Hive Digital Technologies to $7 from $10 but left its recommendation unchanged, keeping a Buy rating on the company. Hive shares are trading at $2.12, well beneath analyst targets, which range from $3.50 to $10, and the consensus remains a Strong Buy.
The brokerage pointed to underwhelming results for Hive’s fiscal third quarter ended in December as a driver for the reduced target, even though company metrics show material top-line expansion. InvestingPro data indicate Hive achieved revenue growth of 112.51% over the prior twelve months.
Hive’s GPU Cloud business left the reported quarter producing $20 million in annualized run-rate revenues. Management expects that figure to rise to $35 million in annualized run-rate revenues exiting the current quarter. Management also reiterated calendar year-end 2026 guidance for the HPC/AI business, forecasting an exit run-rate of $140 million in annualized revenues from the GPU Cloud segment.
On the infrastructure side, Hive completed a 300 MW build-out in Paraguay in 2025, increasing its installed capacity to 25 EH/s from 6 EH/s at year-end 2024. The company reports a fleet-wide average efficiency of 16.7 J/TH.
Operationally, Hive recently disclosed a two-year, $30 million contract with an undisclosed customer for 504 B200 GPUs. Those GPUs are slated to be hosted and deployed at Bell’s AI data center in Manitoba, Canada this quarter.
H.C. Wainwright expressed caution about Hive’s ability to reach its stated guidance, assigning a low probability to management’s targets. The firm noted that Hive still needs to acquire, contract and deploy an additional 5,500 NVIDIA B-series GPUs to meet the year-end objectives that underpin the $140 million run-rate projection.
Context and implications
The analyst action reflects tension between rapid revenue growth and the operational hurdles associated with scaling GPU capacity for AI and HPC workloads. Hive’s expansion in Paraguay also highlights ongoing investments in bitcoin mining capacity, with a substantial step-up in installed hashing power year-over-year.
Investors should weigh the company’s strong recent revenue trajectory against execution risk tied to GPU procurement and deployment schedules.