• Tue. Apr 23rd, 2024

HIVE Blockchain Surges By 6.8%, Investors Speculate Amid Positive Trend

Maria Bartiromo

ByMaria Bartiromo

Jul 11, 2023

The stock price of popular cryptocurrency mining startup HIVE Blockchain has recently increased noticeably, rising 6.8%. Investors are debating whether this upward trend will last or is merely a momentary boost. Analysis of Zacks Equity Research shows that HIVE Blockchain is expected to report a quarterly loss of $0.29 per share.

Although there has been an increase of +72.4% over the previous year, the company is predicted to post a loss, which could depress investor confidence. The team at Zacks Equity Research believes that the market normally does not react favorably to quarterly losses since they suggest that the company may face financial difficulties.

HIVE Blockchain’s stock has done amazingly well recently, rising 69.3% despite the anticipated loss. This increase is likely due to several variables, including the general optimism around the cryptocurrency industry.

Analysts at Zacks predict revenues will total $22.1 million, a 50% decrease from last year’s corresponding quarter. Investors may be concerned if revenues are declining, as it may indicate that business operations are slowing down. Various causes, such as shifting bitcoin exchange rates or heightened rivalry in the mining industry, are fingered for the fall.

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Experts, Investors Comments On Trend, Preaches Caution

Further investigation into this development revealed that the recent successes could be overshadowed by the impending quarterly report, which is predicted to show a loss and a sharp drop in revenues. Meanwhile, investors have taken the responsibility of examining the report’s specifics and the company’s strategy for resolving any issues that may arise.

The company’s impending quarterly report, anticipated to reveal a loss and declining revenues, raises questions about the sustainability of this upward momentum despite the recent 6.8% increase in HIVE Blockchain’s stock price.

Zacks has, in their official report, advised investors should use caution and carefully consider the risks involved with funding cryptocurrency mining businesses despite the ongoing positive trend. The report has it that the company is leveraging this opportunity to evaluate the strength of the stock while the earnings continue to climb.

Empirical research has been launched on the recent activity, showing strong relationships between the estimated revisions and the price of near-term stock movement. The consensus EPS for HIVE Blockchain for the next quarter has remained stable in the last 30 days – while the stock price has continued to surge in the absence of reoccurring earnings.

HIVE’s market performance shows that it has maintained steady growth, responding to the increasing stock price. The coin traded at $0.3301 in the last 24 hours, with 0.01% in price. The market capitalization increased by 0.05%, representing $165,259,711. HIVE currently has a 1.02% increase, representing $2,941,947 in trading volume, with 500,749,243 HIVE in circulation.

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Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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