BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Up 9.8% – Still a Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shot up 9.8% during mid-day trading on Friday . The stock traded as high as $29.56 and last traded at $29.8110. 16,431,930 shares traded hands during trading, a decline of 61% from the average session volume of 42,078,052 shares. The stock had previously closed at $27.15.

Analysts Set New Price Targets

BMNR has been the subject of several recent analyst reports. B. Riley cut their target price on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Zacks Research raised shares of BitMine Immersion Technologies to a “hold” rating in a research report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $47.00.

BitMine Immersion Technologies Stock Performance

The business has a fifty day moving average price of $35.12. The stock has a market capitalization of $13.04 billion and a P/E ratio of -69.56.

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

BitMine Immersion Technologies Dividend Announcement

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BMNR. Strong Tower Advisory Services purchased a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $14,354,000. Voya Investment Management LLC bought a new position in shares of BitMine Immersion Technologies in the 3rd quarter worth $2,327,000. Halter Ferguson Financial Inc. bought a new position in shares of BitMine Immersion Technologies in the 3rd quarter worth $11,318,000. Oriental Harbor Investment Master Fund purchased a new stake in shares of BitMine Immersion Technologies during the 3rd quarter valued at $9,652,000. Finally, Lauer Wealth LLC bought a new stake in shares of BitMine Immersion Technologies during the 2nd quarter worth $363,000.

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.