BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Up – Here’s Why

BitMine Immersion Technologies, Inc. (NYSE:BMNR) shares gapped up prior to trading on Tuesday. The stock had previously closed at $26.84, but opened at $27.81. BitMine Immersion Technologies shares last traded at $27.0590, with a volume of 5,494,912 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BMNR shares. B. Riley Financial raised their price target on shares of BitMine Immersion Technologies from $30.00 to $34.00 and gave the stock a “buy” rating in a research report on Tuesday, September 22nd. Cantor Fitzgerald upped their price target on shares of BitMine Immersion Technologies from $30.60 to $63.60 and gave the company an “overweight” rating in a report on Thursday, September 10th. Wall Street Zen downgraded shares of BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $48.80.

BitMine Immersion Technologies Stock Performance

The company has a market cap of $16.00 billion, a P/E ratio of 530.30 and a beta of 1.61. The business has a fifty day simple moving average of $21.93 and a 200 day simple moving average of $19.92.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. The firm had revenue of $46.53 million during the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. Equities research analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Trading of BitMine Immersion Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Weiss Asset Management LP grew its holdings in shares of BitMine Immersion Technologies by 363.6% during the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock valued at $85,614,000 after purchasing an additional 3,394,677 shares during the last quarter. Mozayyx Management LLC bought a new stake in shares of BitMine Immersion Technologies in the 4th quarter worth approximately $90,500,000. Bank of New York Mellon Corp bought a new stake in shares of BitMine Immersion Technologies in the 2nd quarter worth approximately $20,069,000. Geode Capital Management LLC boosted its position in BitMine Immersion Technologies by 65.3% during the 4th quarter. Geode Capital Management LLC now owns 3,384,840 shares of the company’s stock valued at $91,940,000 after purchasing an additional 1,336,706 shares during the period. Finally, Amova Asset Management Americas Inc. boosted its position in BitMine Immersion Technologies by 29.9% during the 4th quarter. Amova Asset Management Americas Inc. now owns 4,911,524 shares of the company’s stock valued at $133,397,000 after purchasing an additional 1,129,706 shares during the period.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.