BitMine Immersion Technologies (NYSE:BMNR) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of BitMine Immersion Technologies (NYSE:BMNR) from a hold rating to a strong-buy rating in a research note published on Tuesday,Zacks reports.

A number of other analysts have also recently commented on the company. Wall Street Zen upgraded BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 10th. B. Riley Financial increased their target price on BitMine Immersion Technologies from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Tuesday, September 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of BitMine Immersion Technologies in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.80.

BitMine Immersion Technologies Stock Up 6.3%

BMNR stock opened at $19.22 on Tuesday. The company’s 50-day simple moving average is $23.67 and its 200-day simple moving average is $20.61. BitMine Immersion Technologies has a 52-week low of $12.80 and a 52-week high of $42.08. The firm has a market cap of $11.59 billion, a P/E ratio of -1.12 and a beta of 1.80.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings results on Tuesday, November 10th. The company reported ($10.57) earnings per share for the quarter. The business had revenue of $64.94 million during the quarter. BitMine Immersion Technologies had a negative net margin of 5,058.36% and a positive return on equity of 0.25%. On average, analysts anticipate that BitMine Immersion Technologies will post 0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds have recently made changes to their positions in BMNR. Private Wealth Asset Management LLC lifted its holdings in BitMine Immersion Technologies by 70.7% in the 3rd quarter. Private Wealth Asset Management LLC now owns 16,475 shares of the company’s stock valued at $435,000 after purchasing an additional 6,825 shares in the last quarter. Private Advisor Group LLC lifted its stake in shares of BitMine Immersion Technologies by 1.6% in the 3rd quarter. Private Advisor Group LLC now owns 229,313 shares of the company’s stock valued at $6,061,000 after purchasing an additional 3,654 shares during the last quarter. Independent Advisor Alliance acquired a new stake in shares of BitMine Immersion Technologies during the third quarter valued at about $631,000. Landscape Capital Management L.L.C. acquired a new position in BitMine Immersion Technologies during the third quarter worth $1,412,000. Finally, Voya Investment Management LLC increased its stake in BitMine Immersion Technologies by 77.3% during the third quarter. Voya Investment Management LLC now owns 420,390 shares of the company’s stock worth $11,111,000 after purchasing an additional 183,240 shares during the period.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies is a digital-asset company whose business has included Bitcoin mining and immersion-cooling technology. Immersion cooling uses liquid to manage the heat generated by computing equipment and can support the operation of mining hardware. The company has shifted its strategic focus toward acquiring and holding Ether as a treasury asset. Its history in Bitcoin mining and cooling technology provides context for its involvement in digital-asset infrastructure, while its current strategy centers on Ether.