BitMine Immersion Technologies, Inc. (NYSE:BMNR) Given Consensus Rating of “Hold” by Brokerages

BitMine Immersion Technologies, Inc. (NYSE:BMNR) has been assigned an average rating of “Hold” from the five brokerages that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $46.80.

Several research analysts have recently weighed in on the company. B. Riley Financial upped their price objective on BitMine Immersion Technologies from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Cantor Fitzgerald lifted their target price on BitMine Immersion Technologies from $30.60 to $63.60 and gave the company an “overweight” rating in a research report on Thursday, September 10th. Wall Street Zen cut BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 8th. B Riley reaffirmed a “buy” rating on shares of BitMine Immersion Technologies in a research report on Thursday, September 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. IAG Wealth Partners LLC raised its holdings in BitMine Immersion Technologies by 870.4% during the fourth quarter. IAG Wealth Partners LLC now owns 1,737 shares of the company’s stock worth $47,000 after acquiring an additional 1,558 shares in the last quarter. Banque Cantonale Vaudoise grew its stake in BitMine Immersion Technologies by 72.3% in the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock valued at $37,000 after purchasing an additional 780 shares in the last quarter. Legacy Wealth Managment LLC ID grew its stake in BitMine Immersion Technologies by 40.8% in the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock valued at $39,000 after purchasing an additional 570 shares in the last quarter. Huntington National Bank acquired a new position in shares of BitMine Immersion Technologies during the 4th quarter worth approximately $54,000. Finally, Strategic Investment Solutions Inc. IL increased its position in shares of BitMine Immersion Technologies by 1,000.0% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 2,200 shares of the company’s stock worth $60,000 after purchasing an additional 2,000 shares during the last quarter.

BitMine Immersion Technologies Trading Up 3.0%

BMNR opened at $25.79 on Tuesday. The stock has a market capitalization of $15.55 billion, a P/E ratio of 515.72 and a beta of 1.61. BitMine Immersion Technologies has a 12 month low of $12.80 and a 12 month high of $65.60. The firm’s fifty day simple moving average is $19.76 and its 200 day simple moving average is $19.50.

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

About BitMine Immersion Technologies

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.