BitMine Immersion Technologies, Inc. (NYSE:BMNR – Get Free Report) shares rose 10.5% during trading on Monday . The stock traded as high as $15.65 and last traded at $15.8720. Approximately 17,452,213 shares were traded during trading, a decline of 59% from the average session volume of 42,112,727 shares. The stock had previously closed at $14.36.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on BMNR. Weiss Ratings started coverage on BitMine Immersion Technologies in a research note on Friday, April 17th. They issued a “sell (d-)” rating for the company. Cantor Fitzgerald reduced their price objective 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. Two analysts have 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 company. Based on data from MarketBeat, BitMine Immersion Technologies has an average rating of “Moderate Buy” and a consensus price target of $30.15.
View Our Latest Analysis on BMNR
BitMine Immersion Technologies Trading Down 1.5%
BitMine Immersion Technologies (NYSE:BMNR – Get Free Report) last announced its earnings results on Tuesday, April 14th. The company reported ($0.08) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a negative net margin of 51,892.77% and a positive return on equity of 5.59%. The business had revenue of $11.04 million for the quarter. As a group, sell-side analysts expect that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current fiscal year.
Institutional Investors Weigh In On BitMine Immersion Technologies
Several hedge funds and other institutional investors have recently modified their holdings of BMNR. State of Michigan Retirement System lifted its position in shares of BitMine Immersion Technologies by 141.7% during the 4th quarter. State of Michigan Retirement System now owns 145,000 shares of the company’s stock valued at $3,937,000 after buying an additional 85,000 shares in the last quarter. Blue Sky Capital Consultants Group Inc. increased its holdings in BitMine Immersion Technologies by 340.5% in the 4th quarter. Blue Sky Capital Consultants Group Inc. now owns 95,799 shares of the company’s stock worth $2,601,000 after acquiring an additional 74,052 shares in the last quarter. Menard Financial Group LLC purchased a new stake in BitMine Immersion Technologies in the 3rd quarter worth approximately $2,595,000. Van ECK Associates Corp bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $81,846,000. Finally, Strong Tower Advisory Services lifted its holdings in BitMine Immersion Technologies by 82.3% during the fourth quarter. Strong Tower Advisory Services now owns 503,896 shares of the company’s stock valued at $13,681,000 after purchasing an additional 227,484 shares in the last quarter.
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.
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