HIVE Digital Technologies Ltd (NASDAQ:HIVE) saw its stock plummet 6.28% in pre-market trading on Friday, as investors brace for the company's second-quarter earnings report scheduled for release before the opening bell. This decline follows a significant 10.7% drop in the previous trading session, indicating growing investor apprehension.

Analysts expect HIVE Digital to report quarterly earnings of 2 cents per share, a notable improvement from the year-ago loss of 6 cents per share. The consensus estimate for the company's quarterly revenue stands at $80.62 million, marking a substantial increase from $22.65 million in the same quarter last year. Despite these positive projections, the recent stock performance suggests that investors may be concerned about potential disappointments or cautious guidance.

While several analysts maintain bullish ratings on HIVE Digital, with price targets ranging from $5.5 to $10, the market appears to be taking a more cautious stance ahead of the earnings release. The company's performance in this earnings report could be crucial in determining its near-term stock trajectory, especially given the volatile nature of the cryptocurrency mining sector in which HIVE Digital operates.