BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) Sees Significant Growth in Short Interest

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) was the recipient of a significant growth in short interest in the month of September. As of September 15th, there was short interest totaling 13,520,000 shares, a growth of 112.9% from the August 31st total of 6,350,000 shares. Based on an average trading volume of 45,000,000 shares, the days-to-cover ratio is presently 0.3 days. Currently, 8.3% of the company’s shares are sold short. Currently, 8.3% of the company’s shares are sold short. Based on an average trading volume of 45,000,000 shares, the days-to-cover ratio is presently 0.3 days.

Analysts Set New Price Targets

Separately, ThinkEquity upgraded shares of BitMine Immersion Technologies to a “strong-buy” rating in a research report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company has an average rating of “Strong Buy”.

BitMine Immersion Technologies Stock Up 0.3%

Shares of NYSEAMERICAN:BMNR opened at $56.65 on Monday. The company’s fifty day moving average is $48.58. The stock has a market capitalization of $15.83 billion and a PE ratio of -128.75. BitMine Immersion Technologies has a 12-month low of $1.93 and a 12-month high of $161.00.

Insider Activity

In related news, Director Thomas Jong Lee purchased 222,222 shares of BitMine Immersion Technologies stock in a transaction that occurred on Wednesday, July 9th. The shares were bought at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the transaction, the director directly owned 222,222 shares of the company’s stock, valued at $999,999. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Sassicaia Capital Advisers LLC purchased a new position in BitMine Immersion Technologies during the second quarter valued at $1,570,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of BitMine Immersion Technologies during the second quarter valued at approximately $508,000. Marex Group plc purchased a new stake in shares of BitMine Immersion Technologies during the second quarter valued at approximately $465,000. XTX Topco Ltd purchased a new stake in shares of BitMine Immersion Technologies during the second quarter valued at approximately $374,000. Finally, Lauer Wealth LLC purchased a new stake in shares of BitMine Immersion Technologies during the second quarter valued at approximately $363,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.