BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading 8.4% Higher – Should You Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price traded up 8.4% on Friday . The company traded as high as $21.41 and last traded at $21.4020. 23,128,727 shares were traded during mid-day trading, a decline of 49% from the average session volume of 45,421,938 shares. The stock had previously closed at $19.74.

Analyst Ratings Changes

Several equities research analysts have weighed in on BMNR shares. B. Riley Financial lowered their target price on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Cantor Fitzgerald began coverage on BitMine Immersion Technologies in a report on Monday, January 5th. They issued an “overweight” rating and a $39.00 price target for the company. Finally, Zacks Research raised shares of BitMine Immersion Technologies to a “hold” rating in a research report on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, BitMine Immersion Technologies has an average rating of “Buy” and an average price target of $43.00.

BitMine Immersion Technologies Price Performance

The stock has a fifty day simple moving average of $28.94 and a 200-day simple moving average of $40.01.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last posted its earnings results on Tuesday, January 13th. The company reported ($0.05) earnings per share (EPS) for the quarter. The firm had revenue of $2.29 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 7.89% and a negative net margin of 67,546.19%.

BitMine Immersion Technologies Dividend Announcement

The business also recently declared an annual dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 8th were paid a $0.01 dividend. The ex-dividend date of this dividend was Monday, December 8th. This represents a yield of 3.0%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CNB Bank acquired a new stake in BitMine Immersion Technologies in the 3rd quarter valued at about $26,000. Strategic Advocates LLC acquired a new stake in shares of BitMine Immersion Technologies in the third quarter valued at approximately $27,000. Quintet Private Bank Europe S.A. acquired a new stake in shares of BitMine Immersion Technologies in the third quarter valued at approximately $30,000. Guerra Advisors Inc purchased a new position in BitMine Immersion Technologies during the third quarter worth approximately $31,000. Finally, Wellington Shields Capital Management LLC acquired a new position in BitMine Immersion Technologies during the third quarter worth $31,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc (NYSE American: BMNR) is an engineering and technology company specializing in immersion cooling solutions for digital asset mining and high-performance computing (HPC) applications. The company develops proprietary direct-to-chip systems that submerge servers in non-conductive dielectric fluids to efficiently remove heat, enabling clients to achieve higher processing density and improved energy efficiency.

BitMine offers turnkey services spanning system design, equipment supply, installation and ongoing maintenance.