BitMine Immersion Technologies (NYSE:BMNR) Stock Jumps 7.4% – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s share price was up 7.4% on Tuesday. The company traded as high as $23.00 and last traded at $23.1640. 7,291,382 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 40,308,855 shares. The stock had previously closed at $21.57.

Analyst Upgrades and Downgrades

BMNR has been the topic of several research reports. B. Riley Financial boosted their price objective 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. Wall Street Zen raised BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 10th. Cantor Fitzgerald restated an “overweight” rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Tuesday, October 13th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $48.80.

BitMine Immersion Technologies Trading Up 5.5%

The stock has a market cap of $13.73 billion, a P/E ratio of 455.06 and a beta of 1.52. The company’s fifty day simple moving average is $24.02 and its 200-day simple moving average is $20.32.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Weiss Asset Management LP raised its position in shares of BitMine Immersion Technologies by 363.6% during the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock worth $85,614,000 after acquiring an additional 3,394,677 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in BitMine Immersion Technologies in the second quarter worth about $20,069,000. California Public Employees Retirement System acquired a new stake in BitMine Immersion Technologies in the first quarter worth about $14,072,000. Assenagon Asset Management S.A. acquired a new stake in BitMine Immersion Technologies in the third quarter worth about $13,446,000. Finally, WINTON GROUP Ltd raised its holdings in BitMine Immersion Technologies by 252.9% during the 2nd quarter. WINTON GROUP Ltd now owns 411,110 shares of the company’s stock worth $5,472,000 after purchasing an additional 294,606 shares during the last quarter.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset technology company focused on cryptocurrency mining and digital asset treasury operations. The company has developed expertise in immersion-cooling systems designed to improve the efficiency and operating environment of high-performance computing equipment used in cryptocurrency mining.

In addition to its mining-related activities, BitMine has pursued a strategy centered on acquiring and holding digital assets, including Ethereum. Its business may also include cryptocurrency mining, data-center operations, and related infrastructure and services.