BitMine Immersion Technologies (NYSE:BMNR) Stock Price Up 5% – Should You Buy?

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) were up 5% during mid-day trading on Monday . The company traded as high as $25.12 and last traded at $24.98. 29,612,488 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 41,071,945 shares. The stock had previously closed at $23.80.

Analysts Set New Price Targets

A number of analysts have commented on the company. Cantor Fitzgerald lowered their price target 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 reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Finally, 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 note on Thursday, July 16th. 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, BitMine Immersion Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $27.65.

BitMine Immersion Technologies Stock Performance

The firm’s 50 day simple moving average is $17.46 and its 200 day simple moving average is $19.13. The firm has a market capitalization of $15.07 billion, a price-to-earnings ratio of 499.60 and a beta of 1.28.

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

Institutional Investors Weigh In On BitMine Immersion Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BMNR. Marex Group plc boosted its stake in shares of BitMine Immersion Technologies by 560.1% in the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock worth $272,154,000 after buying an additional 8,505,421 shares during the last quarter. Weiss Asset Management LP grew its holdings in BitMine Immersion Technologies by 363.6% during the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock worth $85,614,000 after acquiring an additional 3,394,677 shares during the period. Mozayyx Management LLC purchased a new position in BitMine Immersion Technologies during the fourth quarter valued at approximately $90,500,000. Morgan Stanley raised its position in BitMine Immersion Technologies by 25.8% during the fourth quarter. Morgan Stanley now owns 12,197,071 shares of the company’s stock valued at $331,151,000 after acquiring an additional 2,500,368 shares in the last quarter. Finally, Pantera Capital Partners LP acquired a new position in BitMine Immersion Technologies in the third quarter valued at approximately $122,036,000.

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.