Hive Digital Technologies is facing a sharp downturn as its stock price plunges more than 53% from its yearly high mirroring Bitcoin’s broader retreat across the crypto market. The company, which trades under the ticker HIVE on the Nasdaq, has slipped from its October peak of $7.82 to around $3.50, its lowest level since late September.
Why Hive Digital Is Crashing
Just a few months ago, Hive was on a tear. The stock surged more than 500% between April and October, fueled by Bitcoin’s rally to new all-time highs and Hive’s shift toward artificial intelligence and high-performance computing. This pivot echoed moves by other major miners including Core Scientific, IREN, and Bitfarms which have become multi-billion-dollar AI-driven infrastructure firms.
But the excitement didn’t last. With Bitcoin slipping sharply from its recent highs, mining-linked equities have followed suit. Hive’s decline also reflects a broader sell-off in AI data center companies:
- CoreWeave has dropped 61% from its year-to-date high
- IREN is down 37% despite a $9.7B partnership with Microsoft
- Bitfarms is down 60%
- Nebius has fallen 40%
For now, Hive’s downturn is part of a wider risk-off movement affecting both crypto and AI infrastructure stocks.
Analysts Still See Hive Rebounding to $10
Despite the steep pullback, several top Wall Street analysts remain optimistic. Both Rosenblatt and H.C. Wainwright believe the stock could rally more than 180% from current levels, targeting $10 per share.
Rosenblatt highlighted Hive’s strong Q2’26 performance:
- $87M total revenue (vs. $80M expected)
- $82M from Bitcoin mining
- $5.7M from its growing AI segment
Analysts noted the recent sell-off creates an “attractive entry point,” reiterating a BUY rating and maintaining a $10 target based on a 12x FY27 EBITDA model.
H.C. Wainwright also raised its target to $10, based on Hive’s aggressive AI expansion plans. The company aims to deploy 11,000 GPUs by the end of next year, more than doubling its current fleet of ~5,000 units. Analysts believe these deployments could generate $140M in annualized AI cloud revenue.
Technical Analysis: A Rebound May Be Forming
On the charts, Hive Digital is carving out a cup-and-handle–like pattern, a formation often associated with bullish reversals. The stock has:
- A cup bottom near $1.28
- A cup rim around $5.54
- Recently bounced near its 200-day moving average, a key support level
If the stock continues holding above this support, analysts expect an initial move back toward the cup’s upper boundary. The pattern’s depth suggests a technical price target of around $9.80 almost identical to the $10 forecasts from analysts.
With fundamentals improving, AI investments accelerating, and technicals showing early recovery signals, Hive Digital might be poised for a meaningful rebound if crypto market sentiment stabilizes.
