BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading 8.4% Higher – What’s Next?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price was up 8.4% on Wednesday . The stock traded as high as $21.31 and last traded at $21.0740. Approximately 10,595,649 shares changed hands during trading, a decline of 75% from the average daily volume of 42,935,465 shares. The stock had previously closed at $19.44.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. B. Riley Financial cut their price objective on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating for the company in a report on Monday. 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 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Trading Up 13.1%

The firm has a fifty day simple moving average of $26.45 and a 200-day simple moving average of $39.14.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Marex Group plc raised its stake in BitMine Immersion Technologies by 560.1% in the 4th quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock worth $272,154,000 after purchasing an additional 8,505,421 shares in the last quarter. ARK Investment Management LLC bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at approximately $387,907,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth $196,536,000. Amova Asset Management Americas Inc. acquired a new position in shares of BitMine Immersion Technologies in the third quarter valued at approximately $196,503,000. Finally, Vanguard Group Inc. bought a new position in shares of BitMine Immersion Technologies during the third quarter valued at $148,612,000.

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.