HC Wainwright & Co. analysts believe HIVE Blockchain shares are now valuable because of their advancements in AI and high-volume computing.
HIVE Blockchain Technologies stock received an upgrade from analysts at HC Wainwright. They upgraded their rating from “Neutral” to “Buy” and raised their price target from $4 to $5.
The upgrade is driven by HIVE’s promising prospects in the high-performance computing (HPC) and AI sectors. The stock, which currently trades at $2.90 on the NASDAQ, has fallen nearly 40% in recent weeks, a decline that analysts say is overblown compared to the broader 7% decline in Bitcoin (BTC) mining stocks.
HIVE AI Projects
This upgrade reflects confidence in HIVE’s strategy to grow its HPC/AI business.
Management aims to double annual HPC revenue to $20 million in the second half of 2024 and reach $100 million by 2025.
To support this growth, HIVE plans to convert 30 MW of its existing BTC mining infrastructure into Tier 3 data centers, potentially hosting 16,000 NVIDIA H200 GPUs.
Despite the challenges of the Bitcoin halving, HIVE reported strong results for the first quarter of 2025, with total revenue of $32.2 million, including $2.6 million from HPC, a 44% increase from the previous quarter. Adjusted EBITDA for the quarter was $14.9 million, significantly exceeding estimates.
HIVE’s new 100 MW site in Paraguay is expected to be fully operational by Q3 2025, bringing total capacity to 12.1 EH/s. However, analysts note that risks to the price target include BTC price volatility, increasing grid difficulties, and potential shareholder dilution.
