Cantor Fitzgerald started coverage on HIVE Digital Technologies (NASDAQ:HIVE) stock with an Overweight rating on Tuesday on the expectation that the bitcoin (BTC-USD) miner's hash rate will more than double over the next year.

The company "has underperformed other miners, as it has chosen to focus on maximizing returns from fleet investments rather than pursuing a growth-at-any-cost model," analyst Brett Knoblauch wrote in a note to clients.

"The market historically rewarded the growth model, which is why we believe shares are now interesting, as we expect HIVE to more than double its hash rate over the next year, while also prioritizing its currently best-in-class mining efficiency ratio," he added.

What's more, the analyst said, HIVE (NASDAQ:HIVE) is seeking to expand its artificial intelligence business, specifically its GPU fleet, over the years ahead. The company is targeting $100M of annual recurring revenue by the end of 2025; it currently has 4,896 GPUs that generate ARR of $10M.

In all, "we believe the market is under-appreciating the coming hash rate growth inflection as well as HIVE's GPU ambitions, making shares attractive at current levels."

Knoblauch's Overweight rate diverges from the SA Quant system rating of Hold and aligns with the average Wall Street analyst rating of Buy.

(HIVE) shares gained 6.1% in afternoon trading, as bitcoin (BTC-USD) spiked to a nearly seven-month high.