ParaFi Capital LP Makes New Investment in BitMine Immersion Technologies, Inc. $BMNR

ParaFi Capital LP bought a new stake in BitMine Immersion Technologies, Inc. (NYSE:BMNR) during the 2nd quarter, HoldingsChannel reports. The fund bought 235,000 shares of the company’s stock, valued at approximately $3,128,000. BitMine Immersion Technologies makes up 0.9% of ParaFi Capital LP’s holdings, making the stock its 9th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in BMNR. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of BitMine Immersion Technologies during the 4th quarter worth approximately $27,000. Ankerstar Wealth LLC bought a new stake in BitMine Immersion Technologies during the fourth quarter worth $27,000. Banque Cantonale Vaudoise lifted its stake in BitMine Immersion Technologies by 72.3% during the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock worth $37,000 after purchasing an additional 780 shares during the last quarter. Larson Financial Group LLC acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at $37,000. Finally, Legacy Wealth Managment LLC ID boosted its holdings in shares of BitMine Immersion Technologies by 153.8% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 1,396 shares of the company’s stock valued at $38,000 after purchasing an additional 846 shares in the last quarter.

BitMine Immersion Technologies Price Performance

Shares of BitMine Immersion Technologies stock opened at $23.09 on Thursday. BitMine Immersion Technologies, Inc. has a fifty-two week low of $12.80 and a fifty-two week high of $65.60. The firm has a market capitalization of $13.93 billion, a P/E ratio of 461.90 and a beta of 1.61. The company’s 50 day moving average price is $18.00 and its two-hundred day moving average price is $19.22.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BMNR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Cantor Fitzgerald reduced their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Finally, B. Riley Financial decreased their target price on BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.65.

BitMine Immersion Technologies 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.