HIVE Digital Technologies Ltd (NASDAQ:HIVE) experienced a significant pre-market plunge of 5.19% on Friday, as investors anxiously await the company's second-quarter earnings report scheduled for release before the opening bell. This decline follows a substantial 10.7% drop in the previous trading session, highlighting growing investor apprehension despite generally positive analyst outlooks.

The cryptocurrency mining company is expected to report quarterly earnings of 2 cents per share, a marked improvement from the 6 cents per share loss recorded in the same quarter last year. Analysts have projected quarterly revenue to reach $80.62 million, a substantial increase from $22.65 million in the previous year. However, the recent stock performance suggests that investors may be concerned about potential disappointments or cautious guidance in the upcoming report.

The market's reaction stands in contrast to the largely optimistic stance of Wall Street analysts. Several firms, including Rosenblatt, Canaccord Genuity, Roth Capital, and Cantor Fitzgerald, have maintained positive ratings on HIVE Digital, with price targets ranging from $5.5 to $10. However, HC Wainwright & Co. analyst Mike Colonnese, while maintaining a Buy rating, reduced the price target from $9 to $6, potentially reflecting some of the market's concerns. The discrepancy between these bullish analyst views and the stock's current performance underscores the uncertainty surrounding HIVE's upcoming earnings report and its potential impact on the company's near-term prospects in the volatile cryptocurrency mining sector.