BitMine Immersion Technologies (NYSE:BMNR) Stock Moved Up to “Sell” by Wall Street Zen

Wall Street Zen upgraded shares of BitMine Immersion Technologies (NYSE:BMNR) from a strong sell rating to a sell rating in a research report report published on Saturday,Wall Street Zen reports.

BMNR has been the subject of several other research reports. B. Riley Financial raised their target price on shares of BitMine Immersion Technologies from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday, September 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of BitMine Immersion Technologies in a report on Tuesday. Finally, Weiss Ratings restated 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 issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $48.80.

BitMine Immersion Technologies Stock Down 0.0%

NYSE BMNR opened at $24.04 on Friday. The firm has a market cap of $14.50 billion, a price-to-earnings ratio of 480.76 and a beta of 1.52. BitMine Immersion Technologies has a twelve month low of $12.80 and a twelve month high of $60.94. The business has a 50-day moving average price of $23.48 and a 200-day moving average price of $20.20.

BitMine Immersion Technologies (NYSE:BMNR) last announced its earnings results on Tuesday, July 14th. The company reported ($128.25) EPS 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%. Research analysts expect that BitMine Immersion Technologies will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in BMNR. Quintet Private Bank Europe S.A. lifted its stake in shares of BitMine Immersion Technologies by 100.0% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 1,150 shares of the company’s stock worth $30,000 after acquiring an additional 575 shares during the period. Banque Cantonale Vaudoise boosted its position in 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 purchasing an additional 780 shares in the last quarter. Legacy Wealth Managment LLC ID increased its holdings in BitMine Immersion Technologies by 40.8% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock valued at $39,000 after acquiring an additional 570 shares in the last quarter. Continuum Advisory LLC acquired a new position in shares of BitMine Immersion Technologies during the 2nd quarter worth approximately $53,000. Finally, Western Wealth Management LLC purchased a new stake in shares of BitMine Immersion Technologies in the first quarter valued at $58,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and the management of digital assets. Its operations have included the use of immersion-cooling technology, which is designed to improve the efficiency and operating environment of specialized computing equipment used in cryptocurrency mining.

The company has also shifted its strategic focus toward building and managing a treasury of digital assets, particularly Ethereum, while continuing to evaluate opportunities in cryptocurrency mining, blockchain infrastructure and related technologies.