Wall Street Zen Upgrades BitMine Immersion Technologies (NYSE:BMNR) to “Sell”

BitMine Immersion Technologies (NYSE:BMNR) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued reports about the stock. B. Riley Financial raised their target price on shares of BitMine Immersion Technologies from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. Cantor Fitzgerald reissued an “overweight” rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $48.80.

BitMine Immersion Technologies Stock Up 0.0%

Shares of NYSE BMNR opened at $24.04 on Friday. The firm has a market capitalization of $14.50 billion, a P/E ratio of 480.76 and a beta of 1.52. The stock’s 50-day simple moving average is $23.48 and its two-hundred day simple moving average is $20.19. BitMine Immersion Technologies has a twelve month low of $12.80 and a twelve month high of $60.94.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (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 business had revenue of $46.53 million for the quarter. As a group, research analysts anticipate that BitMine Immersion Technologies will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On BitMine Immersion Technologies

A number of large investors have recently added to or reduced their stakes in the company. Weiss Asset Management LP raised its position in BitMine Immersion Technologies by 363.6% in the 1st quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock worth $85,614,000 after purchasing an additional 3,394,677 shares during the period. Mozayyx Management LLC bought a new stake in BitMine Immersion Technologies in the fourth quarter worth $90,500,000. Bank of New York Mellon Corp bought a new stake in BitMine Immersion Technologies in the second quarter worth $20,069,000. Virtu Financial LLC lifted its stake in BitMine Immersion Technologies by 8,516.4% in the fourth quarter. Virtu Financial LLC now owns 923,673 shares of the company’s stock worth $25,078,000 after purchasing an additional 912,953 shares during the last quarter. Finally, California Public Employees Retirement System purchased a new stake in BitMine Immersion Technologies during the first quarter valued at about $14,072,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and the management of digital assets. Its operations have included the use of immersion-cooling technology, which is designed to improve the efficiency and operating environment of specialized computing equipment used in cryptocurrency mining.

The company has also shifted its strategic focus toward building and managing a treasury of digital assets, particularly Ethereum, while continuing to evaluate opportunities in cryptocurrency mining, blockchain infrastructure and related technologies.