BitMine Immersion Technologies (NYSE:BMNR) Announces Quarterly Earnings Results

BitMine Immersion Technologies (NYSE:BMNR) posted its quarterly earnings results on Tuesday. The company reported ($128.25) earnings per share (EPS) for the quarter, FiscalAI reports. BitMine Immersion Technologies had a negative net margin of 51,892.77% and a positive return on equity of 5.59%.

BitMine Immersion Technologies Price Performance

Shares of BMNR opened at $16.33 on Wednesday. BitMine Immersion Technologies has a 1-year low of $12.80 and a 1-year high of $71.74. The stock has a market cap of $9.30 billion and a PE ratio of -125.59. The firm has a fifty day moving average price of $17.27 and a 200 day moving average price of $21.23.

Institutional Trading of BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in BMNR. State of Michigan Retirement System boosted its stake 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 worth $3,937,000 after acquiring an additional 85,000 shares in the last quarter. Blue Sky Capital Consultants Group Inc. increased its stake 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 valued at $2,601,000 after purchasing an additional 74,052 shares in the last quarter. Strong Tower Advisory Services increased its stake in BitMine Immersion Technologies by 82.3% in the 4th 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. Sumitomo Mitsui Trust Group Inc. raised its holdings in BitMine Immersion Technologies by 29.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company’s stock worth $133,475,000 after purchasing an additional 1,131,556 shares during the last quarter. Finally, Aurora Investment Managers LLC. acquired a new position in BitMine Immersion Technologies during the fourth quarter worth $3,411,000.

Analyst Upgrades and Downgrades

BMNR has been the subject of a number of analyst reports. Cantor Fitzgerald lowered their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Weiss Ratings began coverage on shares of BitMine Immersion Technologies in a research note on Friday, April 17th. They set a “sell (d-)” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, BitMine Immersion Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.15.

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.