BitMine Immersion Technologies (NYSE:BMNR) Trading Up 10.1% – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR) shares traded up 10.1% on Wednesday . The stock traded as high as $19.48 and last traded at $20.1270. 11,372,766 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 40,021,660 shares. The stock had previously closed at $18.28.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. B. Riley Financial cut their price target on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Cantor Fitzgerald dropped their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.65.

BitMine Immersion Technologies Trading Up 10.9%

The business’s 50-day simple moving average is $16.30 and its 200-day simple moving average is $19.05. The company has a market capitalization of $12.23 billion, a PE ratio of 404.36 and a beta of 1.28.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. The business had revenue of $46.53 million during the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. Sell-side analysts forecast that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Marex Group plc raised its position in BitMine Immersion Technologies by 560.1% during the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock valued at $272,154,000 after acquiring an additional 8,505,421 shares in the last quarter. Weiss Asset Management LP lifted its stake in shares of BitMine Immersion Technologies by 363.6% in the 1st quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock valued at $85,614,000 after purchasing an additional 3,394,677 shares during the period. Mozayyx Management LLC acquired a new position in shares of BitMine Immersion Technologies in the 4th quarter valued at $90,500,000. Morgan Stanley boosted its holdings in BitMine Immersion Technologies by 25.8% during the fourth quarter. Morgan Stanley now owns 12,197,071 shares of the company’s stock worth $331,151,000 after buying an additional 2,500,368 shares in the last quarter. Finally, Pantera Capital Partners LP purchased a new stake in BitMine Immersion Technologies during the third quarter worth $122,036,000.

BitMine Immersion Technologies Company Profile

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.