BitMine Immersion Technologies (NYSE:BMNR) Price Target Raised to $34.00

BitMine Immersion Technologies (NYSE:BMNR) had its price objective increased by B. Riley Financial from $30.00 to $34.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also commented on BMNR. Cantor Fitzgerald increased their price target on shares of BitMine Immersion Technologies from $30.60 to $63.60 and gave the stock an “overweight” rating in a report on Thursday, September 10th. Wall Street Zen downgraded shares of BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, BitMine Immersion Technologies presently has an average rating of “Hold” and an average price target of $48.80.

BitMine Immersion Technologies Trading Up 2.1%

Shares of BMNR opened at $28.04 on Tuesday. The company has a market cap of $16.91 billion, a PE ratio of 560.72 and a beta of 1.61. The stock has a 50-day moving average price of $21.49 and a 200-day moving average price of $19.83. BitMine Immersion Technologies has a 12-month low of $12.80 and a 12-month high of $65.60.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Weiss Asset Management LP lifted its position in BitMine Immersion Technologies by 363.6% during the 1st quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock valued at $85,614,000 after acquiring an additional 3,394,677 shares during the period. Entropy Technologies LP purchased a new stake in BitMine Immersion Technologies in the first quarter worth about $1,906,000. Dimensional Fund Advisors LP purchased a new stake in BitMine Immersion Technologies in the first quarter worth about $4,275,000. The Manufacturers Life Insurance Company increased its stake in shares of BitMine Immersion Technologies by 612.7% during the first quarter. The Manufacturers Life Insurance Company now owns 132,063 shares of the company’s stock valued at $2,612,000 after purchasing an additional 113,532 shares in the last quarter. Finally, Independent Financial Group LLC bought a new position in shares of BitMine Immersion Technologies during the first quarter valued at approximately $3,655,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.