BitMine Immersion Technologies (NYSE:BMNR) Trading 6.8% Higher – Here’s Why

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s stock price was up 6.8% on Monday . The stock traded as high as $16.77 and last traded at $16.7640. Approximately 14,798,888 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 41,520,605 shares. The stock had previously closed at $15.69.

Wall Street Analyst Weigh In

Several research firms have commented on BMNR. Cantor Fitzgerald decreased their target price on shares of 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. B. Riley Financial reduced their price objective on BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, BitMine Immersion Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $27.65.

BitMine Immersion Technologies Stock Performance

The business’s 50 day moving average price is $16.65 and its two-hundred day moving average price is $20.81. The company has a market capitalization of $10.38 billion and a price-to-earnings ratio of -132.35.

BitMine Immersion Technologies (NYSE:BMNR) last posted its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The company had revenue of $46.53 million for the quarter. On average, sell-side analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 earnings per share for the current year.

Hedge Funds Weigh In On BitMine Immersion Technologies

Several hedge funds have recently modified their holdings of the company. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of BitMine Immersion Technologies in the fourth quarter valued at $27,000. Ankerstar Wealth LLC acquired a new position in BitMine Immersion Technologies during the fourth quarter worth about $27,000. Lodestone Wealth Management LLC acquired a new position in BitMine Immersion Technologies during the fourth quarter worth about $30,000. Trust Co. of Vermont raised its position in BitMine Immersion Technologies by 424.4% in the fourth quarter. Trust Co. of Vermont now owns 1,180 shares of the company’s stock worth $32,000 after acquiring an additional 955 shares in the last quarter. Finally, Banque Cantonale Vaudoise raised its position in BitMine Immersion Technologies by 72.3% in the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock worth $37,000 after acquiring an additional 780 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.