Van ECK Associates Corp Acquires New Position in BitMine Immersion Technologies, Inc. $BMNR

Van ECK Associates Corp bought a new stake in shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,576,084 shares of the company’s stock, valued at approximately $81,846,000. Van ECK Associates Corp owned about 0.56% of BitMine Immersion Technologies at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Strong Tower Advisory Services bought a new stake in shares of BitMine Immersion Technologies in the third quarter worth $14,354,000. Robeco Institutional Asset Management B.V. bought a new position in BitMine Immersion Technologies in the third quarter valued at about $7,270,000. Voya Investment Management LLC bought a new position in BitMine Immersion Technologies in the third quarter valued at about $2,327,000. Commonwealth Equity Services LLC purchased a new position in BitMine Immersion Technologies in the third quarter worth about $7,022,000. Finally, Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $196,536,000.

Analysts Set New Price Targets

BMNR has been the topic of a number of research reports. B. Riley Financial dropped their price objective on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Cantor Fitzgerald initiated coverage on BitMine Immersion Technologies in a report on Monday, January 5th. They issued an “overweight” rating and a $39.00 target price on the stock. Two equities research 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 an average rating of “Buy” and a consensus price target of $34.50.

BitMine Immersion Technologies Trading Up 0.1%

Shares of BitMine Immersion Technologies stock opened at $20.73 on Wednesday. BitMine Immersion Technologies, Inc. has a one year low of $3.20 and a one year high of $161.00. The stock has a 50 day moving average price of $24.64 and a 200-day moving average price of $36.63.

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

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.