Shares of HIVE Digital Technologies Ltd (HIVE) tumbled 8.87% in pre-market trading on Friday, following news that B. Riley has reduced its price target on the stock. The investment firm lowered its target from $8 to $7, while maintaining a Buy rating on HIVE.

The price target cut appears to have sparked a sell-off among investors, despite B. Riley's continued bullish stance on the company. This reduction in the price target might suggest that the firm sees some near-term challenges for HIVE, even as it remains optimistic about the company's long-term prospects.

Despite the significant pre-market drop, it's worth noting that the overall analyst sentiment on HIVE Digital Technologies remains positive. According to FactSet, the average rating for HIVE is a Buy, with a mean price target of $8.88. This target still represents substantial upside potential from the stock's current trading levels, even after accounting for B. Riley's lowered expectations. Investors will likely be watching closely to see if other analysts follow suit with price target revisions, and how the stock performs once regular trading begins.