BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Up 6.4% – What’s Next?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) traded up 6.4% during trading on Wednesday . The stock traded as high as $33.74 and last traded at $33.2040. 11,419,217 shares were traded during trading, a decline of 71% from the average session volume of 39,848,586 shares. The stock had previously closed at $31.22.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald began coverage on shares of BitMine Immersion Technologies in a research report on Monday, January 5th. They set an “overweight” rating and a $39.00 target price for the company. B. Riley dropped their price objective on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Finally, Zacks Research raised BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, BitMine Immersion Technologies has an average rating of “Buy” and an average price target of $43.00.

BitMine Immersion Technologies Stock Up 4.3%

The firm has a market capitalization of $13.87 billion and a PE ratio of -75.11. The company has a 50 day moving average of $32.53.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its earnings results on Friday, November 21st. The company reported $15.90 EPS for the quarter. The company had revenue of $1.32 million for the quarter. BitMine Immersion Technologies had a net margin of 5,719.06% and a return on equity of 16.02%.

BitMine Immersion Technologies Announces Dividend

The business also recently announced an annual dividend, which was paid on Monday, December 29th. Stockholders of record on Monday, December 8th were paid a $0.01 dividend. This represents a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, December 8th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. CNB Bank purchased a new position in shares of BitMine Immersion Technologies in the third quarter worth $26,000. Strategic Advocates LLC bought a new stake in BitMine Immersion Technologies in the 3rd quarter worth $27,000. Quintet Private Bank Europe S.A. purchased a new position in shares of BitMine Immersion Technologies in the third quarter valued at about $30,000. Guerra Advisors Inc purchased a new position in shares of BitMine Immersion Technologies in the third quarter valued at about $31,000. Finally, Wellington Shields Capital Management LLC bought a new position in shares of BitMine Immersion Technologies during the third quarter valued at about $31,000.

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.