HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares are up in premarket trading on Monday after the company announced a significant expansion of its AI data center capacity in Canada.

Through subsidiary BUZZ High Performance Computing, HIVE expanded its liquid-cooled AI data center capacity from 4 MW to 16.6 MW. The capacity spans Manitoba and a newly added British Columbia facility through its Bell Canada AI Fabric partnership.

HIVE said 2025 deposits will secure the full growth pipeline without requiring additional capital expenditure.

Canadian Expansion Accelerates GPU Deployment

The British Columbia facility provides immediate 5 MW capacity, supporting approximately 2,000 AI-optimized GPUs, with an option for an additional 7.6 MW in 2027.

Combined with Manitoba, HIVE now has a near-term path to over 4,000 GPUs, targeting 6,000 total deployments in Canada by fiscal year-end March 31, 2027.

$200M Revenue Target With 75% EBITDA Margins

HIVE is targeting $200 million in contracted annualized run-rate revenue by fiscal year-end March 31, 2027, with 75% HPC EBITDA margins on new long-term enterprise GPU contracts — all within a capex-light strategy.

Sweden Operations Wind Down Amid Tax Dispute

Offsetting the growth narrative, HIVE is winding down its ASIC-based Bitcoin mining operations in Sweden following tax enforcement actions by Swedish authorities, and is pivoting its 7 MW Boden facility toward Tier-III AI infrastructure built on NVIDIA’s GB300 GPU architecture.

To align management with shareholders through this transition, HIVE also granted 2,849,400 RSUs under a mandatory one-year vesting period.

Technical Analysis

HIVE trades 1.8% below its 20-day SMA and 17.3% below its 50-day SMA. The trend signals short-term weakness in the stock. Shares have risen 21.71% over the past 12 months but remain near their 52-week lows.

The RSI stands at 45.20, placing the stock in neutral territory and suggesting it is neither overbought nor oversold. Meanwhile, the MACD is at -0.1187, with the signal line at -0.1419, indicating a bullish crossover as the MACD is above the signal line.

The combination of a neutral RSI and a bullish MACD suggests mixed momentum, indicating that while the MACD is positive, the overall momentum is not strongly bullish.

Analyst Consensus & Recent Actions

The stock carries a Buy Rating with an average price target of $6.68. Recent analyst moves include:

  • Rosenblatt: Buy (Lowers Target to $4.50) (Feb. 18)
  • B. Riley Securities: Buy (Lowers Target to $6.00) (Feb. 13)
  • Keefe, Bruyette & Woods: Downgraded to Market Perform (Lowers Target to $3.50) (Jan. 27)

HIVE Price Action: HIVE Digital Technologies shares were up 3.29% at $2.20 during premarket trading on Monday, according to Benzinga Pro data.

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