HIVE Digital Technologies heads into its June 26 earnings report with insiders cashing out aggressively even as the stock posts one of its strongest monthly runs in recent memory.
The insider selling pattern is the sharpest signal in the data. Three executives — a director, an independent director, and the COO — have collectively sold over C$1.5 million worth of shares in the past two weeks, all at prices ranging from roughly C$4 to C$6.60. The COO sold 215,000 shares on June 8, and a director followed with 175,000 shares on June 19. These are open-market sales, not award-related dispositions, and they've accelerated as the stock climbed 23% over the past month to C$6.93. That divergence between insider behaviour and price momentum is the clearest tension heading into Thursday.
The borrow market reinforces the caution signal from a different angle. Availability has collapsed to near-fully-used levels — only around 1.8% of lending capacity remains, down from roughly 14% a week ago, a tightening of more than 85% in five sessions. That means the borrow pool is effectively exhausted. Cost to borrow has risen 38% over the same period to 1.34%, reflecting the squeeze on available supply. Short interest itself is modest at 2.5% of float and actually falling — down roughly 7% on the week — so this isn't a heavily shorted name. But the combination of collapsing availability and rising cost suggests fresh demand for borrows is building even as the absolute short position remains small.
The bull and bear cases map directly onto HIVE's strategic pivot. Bulls point to the 164% one-year revenue increase, an expanding GPU marketplace, and growing customer contracts in the high-performance computing segment — a deliberate effort to reduce pure-crypto-mining exposure. Momentum is running hot: HIVE's momentum factor score recently hit a six-month high, and the stock has outpaced most peers over the past week. CLSK gained just 1.8% on the week, MARA added 1.4%, and RIOT rose 4.6% — all well behind HIVE's 25% weekly surge. Bears counter with real execution risk: lower Bitcoin prices, cloud deployment delays, a negative return on assets near -10%, and a Piotroski F-score of just 4, pointing to structural weakness in the balance sheet. The growth pillar in HIVE's ORTEX stock score collapsed in early June from 85 to 56, a reset that preceded the current price rally rather than following from it.
The institutional picture adds one more wrinkle. Citadel reported adding over 10 million shares as of May 5, a significant new position. Invesco and Millennium also reported fresh or expanded holdings. That institutional interest provides some demand backdrop, but the top holders are largely quant and arbitrage-oriented funds — names that rotate quickly rather than provide durable support.
Past earnings reactions have been punishing: the last two prints each saw the stock fall more than 8% on the day, with five-day losses running deeper still. Thursday's print will test whether the HPC pivot is generating enough tangible revenue progress to justify a stock that has already moved more than 25% in a week, with insiders selling into every session of that climb.
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