Royal Bank of Canada Reduces Position in BitMine Immersion Technologies, Inc. $BMNR

Royal Bank of Canada decreased its stake in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) by 39.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 465,220 shares of the company’s stock after selling 299,577 shares during the quarter. Royal Bank of Canada’s holdings in BitMine Immersion Technologies were worth $9,202,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Morgan Stanley lifted its position in BitMine Immersion Technologies by 25.8% during the 4th quarter. Morgan Stanley now owns 12,197,071 shares of the company’s stock worth $331,151,000 after acquiring an additional 2,500,368 shares during the period. Marex Group plc raised its stake in shares of BitMine Immersion Technologies by 560.1% in the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock worth $272,154,000 after purchasing an additional 8,505,421 shares during the last quarter. ARK Investment Management LLC raised its stake in shares of BitMine Immersion Technologies by 26.6% in the fourth quarter. ARK Investment Management LLC now owns 9,457,330 shares of the company’s stock worth $256,767,000 after purchasing an additional 1,987,517 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of BitMine Immersion Technologies by 29.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company’s stock worth $133,475,000 after purchasing an additional 1,131,556 shares during the period. Finally, Amova Asset Management Americas Inc. boosted its position in BitMine Immersion Technologies by 29.9% in the fourth quarter. Amova Asset Management Americas Inc. now owns 4,911,524 shares of the company’s stock valued at $133,397,000 after buying an additional 1,129,706 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald cut their price target on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Finally, B. Riley Financial dropped their price objective on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, BitMine Immersion Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $27.65.

BitMine Immersion Technologies Stock Down 0.1%

BMNR stock opened at $18.81 on Monday. The stock has a market capitalization of $11.34 billion, a P/E ratio of 376.12 and a beta of 1.28. The firm has a 50-day simple moving average of $16.15 and a 200-day simple moving average of $19.57. BitMine Immersion Technologies, Inc. has a 52 week low of $12.80 and a 52 week high of $71.74.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The company had revenue of $46.53 million during the quarter. On average, analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 earnings per share for the current year.

BitMine Immersion Technologies Company Profile

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.