BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Up 11.6% – Here’s Why

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) rose 11.6% on Monday . The stock traded as high as $23.24 and last traded at $22.92. Approximately 17,644,810 shares traded hands during trading, a decline of 60% from the average daily volume of 43,861,855 shares. The stock had previously closed at $20.54.

Analyst Ratings Changes

A number of research firms have recently issued reports on BMNR. 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 for the company. B. Riley Financial lowered their price target on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Two 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. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Stock Down 0.7%

The business’s 50-day moving average price is $23.79 and its 200-day moving average price is $35.74.

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

Institutional Trading of BitMine Immersion Technologies

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

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.