BitMine Immersion Technologies (NYSE:BMNR) Price Target Raised to $30.00

BitMine Immersion Technologies (NYSE:BMNR) had its price target lifted by B. Riley Financial from $25.00 to $30.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

BMNR has been the subject of a number of other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Cantor Fitzgerald lowered their price target on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Finally, B Riley reaffirmed a “buy” rating on shares of BitMine Immersion Technologies in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.15.

BitMine Immersion Technologies Stock Down 5.7%

Shares of BMNR opened at $24.93 on Thursday. The company has a 50-day simple moving average of $18.49 and a 200-day simple moving average of $19.30. The company has a market capitalization of $15.04 billion, a PE ratio of 498.60 and a beta of 1.61. BitMine Immersion Technologies has a 52-week low of $12.80 and a 52-week high of $65.60.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) 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 company had revenue of $46.53 million during the quarter. On average, research analysts anticipate that BitMine Immersion Technologies will post 0.06 EPS for the current year.

Hedge Funds Weigh In On BitMine Immersion Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ankerstar Wealth LLC acquired a new stake in shares of BitMine Immersion Technologies in the fourth quarter valued at approximately $27,000. Banque Cantonale Vaudoise raised its position in shares of BitMine Immersion Technologies by 72.3% during the 1st 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 purchased a new stake in BitMine Immersion Technologies during the third quarter worth approximately $37,000. Legacy Wealth Managment LLC ID increased its position in shares of BitMine Immersion Technologies by 153.8% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 1,396 shares of the company’s stock worth $38,000 after acquiring an additional 846 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at $38,000.

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.