Rosenblatt on Tuesday cut its price target for Hive Digital Technologies to $4.50 from $6.50 but left its Buy recommendation unchanged. The firm’s revised target compares with the stock’s most recent trade at $2.12 and sits inside a range of analyst targets that span $3.50 to $10.00. Data assessments indicate the shares appear undervalued versus a Fair Value benchmark.
In a note accompanying the change, Rosenblatt said Hive’s fiscal third-quarter 2026 results validate that the company’s expansion in Paraguay has materially improved its mining economics, even as hashprice conditions have become more difficult. The Paraguay deployment is highlighted as a structural positive behind Hive’s reported 112.51% revenue growth over the trailing twelve months.
With Bitcoin trading below $70,000, Rosenblatt argued Hive’s lower hashcosts and greater operational scale should help the company navigate the more challenging price environment. The firm also noted that these improvements give Hive additional flexibility to pursue expansion of its high-performance computing initiatives.
Financial position details cited by the analyst team show Hive holding more cash than debt on its balance sheet, a configuration Rosenblatt views as supportive of stability through market swings. The research also refers to subscription-access materials that include more than 10 additional ProTips on the company’s financial position.
Rosenblatt pointed to a new contract and to concrete internal targets tied to GPU deployment and growth in annual recurring revenues. Those developments prompted the firm to express greater confidence that Hive can advance a transition toward a more diversified artificial intelligence infrastructure business.
The new Rosenblatt target was derived using a multiple-based approach - specifically, 11 times Rosenblatt’s fiscal 2028 adjusted EBITDA estimate for Hive.
Other broker activity has reflected similar recalibrations. Hive’s fiscal third-quarter results were characterized by some analysts as underwhelming. The company’s GPU Cloud unit exited the quarter with an annualized run-rate of $20 million in revenues, short of longer-term ambitions, but company guidance and analyst expectations point to a rise to $35 million in annualized run-rate revenues by the end of the current quarter.
Following the quarterly disclosure, H.C. Wainwright trimmed its own price target for the company from $10 to $7 but kept a Buy rating intact. Together, these updates underscore ongoing adjustments to expectations as Hive balances mining operations with nascent GPU cloud and AI infrastructure objectives.
Context and takeaway
Analysts appear to be weighing improved cost structures from recent capacity additions against the near-term revenue trajectory for GPU Cloud services. The diminished target from Rosenblatt reflects tempered near-term upside while preserving conviction in Hive’s strategic pivot and cash-backed balance sheet.