Independent Financial Group LLC Takes Position in BitMine Immersion Technologies, Inc. $BMNR

Independent Financial Group LLC purchased a new position in BitMine Immersion Technologies, Inc. (NYSE:BMNR) in the first quarter, Holdings Channel.com reports. The firm purchased 184,771 shares of the company’s stock, valued at approximately $3,655,000.

Other hedge funds have also recently made changes to their positions in the company. Rhumbline Advisers bought a new position in BitMine Immersion Technologies during the third quarter valued at approximately $305,000. Blair William & Co. IL bought a new stake in BitMine Immersion Technologies in the 3rd quarter worth approximately $444,000. CreativeOne Wealth LLC purchased a new stake in BitMine Immersion Technologies during the 3rd quarter valued at $282,000. Jefferies Financial Group Inc. purchased a new stake in BitMine Immersion Technologies during the 3rd quarter valued at $508,000. Finally, Banque Cantonale Vaudoise purchased a new stake in BitMine Immersion Technologies during the 3rd quarter valued at $56,000.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BMNR. B. Riley Financial dropped their price target on BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday. Finally, 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 research report on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.65.

BitMine Immersion Technologies Price Performance

Shares of BMNR stock opened at $15.73 on Friday. The company has a market capitalization of $9.49 billion and a price-to-earnings ratio of -120.98. BitMine Immersion Technologies, Inc. has a one year low of $12.80 and a one year high of $71.74. The company’s fifty day moving average price is $16.87 and its 200-day moving average price is $21.01.

BitMine Immersion Technologies (NYSE:BMNR) last released its earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. The firm had revenue of $46.53 million for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. Equities research analysts expect that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current fiscal year.

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.