BitMine Immersion Technologies (NYSE:BMNR) Trading 5% Higher – What’s Next?

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s stock price was up 5% during trading on Monday . The company traded as high as $25.12 and last traded at $24.98. 29,612,488 shares were traded during trading, a decline of 28% from the average daily volume of 41,071,945 shares. The stock had previously closed at $23.80.

Analyst Upgrades and Downgrades

BMNR has been the subject of a number of research reports. Cantor Fitzgerald lowered their price target on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Finally, B. Riley Financial decreased their target price on BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.65.

BitMine Immersion Technologies Stock Up 5.0%

The stock’s 50 day moving average is $17.46 and its two-hundred day moving average is $19.13. The company has a market capitalization of $15.07 billion, a PE ratio of 499.60 and a beta of 1.28.

BitMine Immersion Technologies (NYSE:BMNR) last posted its 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 for the quarter. On average, sell-side analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On BitMine Immersion Technologies

Institutional investors have recently bought and sold shares of the business. Weiss Asset Management LP grew 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 worth $85,614,000 after purchasing an additional 3,394,677 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of BitMine Immersion Technologies in the first quarter worth $1,906,000. Dimensional Fund Advisors LP purchased a new position in shares of BitMine Immersion Technologies in the first quarter worth $4,275,000. The Manufacturers Life Insurance Company lifted 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 worth $2,612,000 after buying an additional 113,532 shares during the period. Finally, Wolverine Asset Management LLC acquired a new stake in shares of BitMine Immersion Technologies during the fourth quarter worth $2,859,000.

About BitMine Immersion Technologies

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.