BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Up – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR) gapped up prior to trading on Thursday . The stock had previously closed at $20.24, but opened at $21.46. BitMine Immersion Technologies shares last traded at $21.4970, with a volume of 18,528,191 shares.

Analyst Upgrades and Downgrades

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

BitMine Immersion Technologies Trading Up 5.9%

The company has a 50-day moving average of $16.62 and a 200-day moving average of $19.01. The company has a market capitalization of $13.78 billion, a price-to-earnings ratio of 456.80 and a beta of 1.30.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) EPS 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 business had revenue of $46.53 million during the quarter. On average, research analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Trading of BitMine Immersion Technologies

A number of institutional investors have recently bought and sold shares of BMNR. Pilgrim Partners Asia Pte Ltd acquired a new position in BitMine Immersion Technologies during the 4th quarter valued at approximately $27,000. Ankerstar Wealth LLC purchased a new position in shares of BitMine Immersion Technologies in the fourth quarter worth $27,000. Banque Cantonale Vaudoise lifted its stake in shares of BitMine Immersion Technologies by 72.3% during the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock worth $37,000 after buying an additional 780 shares during the period. Larson Financial Group LLC purchased a new stake in shares of BitMine Immersion Technologies during the third quarter valued at $37,000. Finally, Legacy Wealth Managment LLC ID grew its holdings in shares of BitMine Immersion Technologies by 153.8% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 1,396 shares of the company’s stock valued at $38,000 after buying an additional 846 shares during the last quarter.

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.