Strong Tower Advisory Services Acquires 57,803 Shares of BitMine Immersion Technologies, Inc. $BMNR

Strong Tower Advisory Services increased its holdings in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) by 11.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 561,699 shares of the company’s stock after purchasing an additional 57,803 shares during the period. BitMine Immersion Technologies accounts for 2.1% of Strong Tower Advisory Services’ holdings, making the stock its 17th biggest holding. Strong Tower Advisory Services’ holdings in BitMine Immersion Technologies were worth $11,110,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BMNR. Envestnet Asset Management Inc. purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at $5,560,000. Rhumbline Advisers bought a new position in BitMine Immersion Technologies in the third quarter worth about $305,000. PNC Financial Services Group Inc. bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at about $278,000. JPMorgan Chase & Co. purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter worth approximately $102,517,000. Finally, Fifth Third Bancorp bought a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $85,000.

BitMine Immersion Technologies Price Performance

Shares of BMNR stock opened at $16.17 on Monday. The business has a fifty day moving average of $19.77 and a 200 day moving average of $23.47. BitMine Immersion Technologies, Inc. has a 1 year low of $3.92 and a 1 year high of $161.00. The firm has a market capitalization of $9.21 billion and a price-to-earnings ratio of -124.37.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings data on Tuesday, April 14th. The company reported ($0.08) earnings per share 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 firm had revenue of $11.04 million during the quarter. As a group, equities research analysts expect that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current year.

Analysts Set New Price Targets

BMNR has been the subject of several recent analyst reports. Cantor Fitzgerald upgraded shares of BitMine Immersion Technologies to a “strong-buy” rating in a research note on Thursday, April 9th. B. Riley Financial dropped their target price on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd. Finally, Weiss Ratings assumed coverage on BitMine Immersion Technologies in a research note on Friday, April 17th. They issued a “sell (d-)” rating for the company. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, BitMine Immersion Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.50.

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.