HIVE Digital Shifts to AI, Analyst Sees 98% Upside

HIVE Digital Technologies is garnering increased analyst attention following its strategic pivot from cryptocurrency mining to artificial intelligence infrastructure. Rosenblatt Securities analyst Chris Brendler revised the company's price target upwards to $6 from $5.50 on August 20, 2026, maintaining a 'Buy' rating and suggesting a potential 98% upside for the stock.

This optimistic outlook follows HIVE's fiscal first-quarter 2027 performance, reported in mid-August 2026. The company achieved a 73% year-over-year revenue increase, reaching $79.1 million, and returned to positive adjusted earnings of $13.4 million. The expansion into high-performance computing, offering powerful chips for AI model training, has become HIVE's primary growth driver.

A key development is a new five-year contract valued at approximately $350 million, which has elevated the company's contracted AI revenue to roughly $180 million. President and CEO Aydin Kilic noted that HIVE's GPU cloud business has reached 'critical mass.' Despite a $142.9 million GAAP net loss, management attributed it to non-cash charges, including a provision related to a Swedish tax dispute.

Several financial firms have echoed Rosenblatt's positive sentiment, reiterating bullish price targets ranging from $6 to $10 in August 2026. This widespread optimism highlights confidence in HIVE's successful transition into the AI sector, even as the stock currently trades below these target valuations.