BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up – Time to Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) gapped up before the market opened on Wednesday . The stock had previously closed at $19.57, but opened at $21.00. BitMine Immersion Technologies shares last traded at $21.16, with a volume of 14,222,475 shares.

Analysts Set New Price Targets

Several research firms have issued reports on BMNR. Cantor Fitzgerald began coverage on BitMine Immersion Technologies in a research report on Monday, January 5th. They set an “overweight” rating and a $39.00 target price on the stock. B. Riley Financial lowered their target price on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $34.50.

BitMine Immersion Technologies Stock Up 10.5%

The stock’s fifty day moving average is $25.47 and its 200-day moving average is $37.73.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last posted its quarterly earnings data on Tuesday, January 13th. The company reported ($0.05) earnings per share for the quarter. The business had revenue of $2.29 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 7.89% and a negative net margin of 67,546.19%.

Institutional Trading of BitMine Immersion Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in BMNR. Strong Tower Advisory Services bought a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $14,354,000. Robeco Institutional Asset Management B.V. acquired a new stake in BitMine Immersion Technologies in the 3rd quarter worth about $7,270,000. Voya Investment Management LLC bought a new stake in BitMine Immersion Technologies in the 3rd quarter valued at about $2,327,000. Commonwealth Equity Services LLC acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $7,022,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $196,536,000.

About BitMine Immersion Technologies

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.