BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading 8.4% Higher – Here’s Why

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) rose 8.4% during mid-day trading on Friday . The company traded as high as $21.41 and last traded at $21.4020. Approximately 23,128,727 shares changed hands during trading, a decline of 49% from the average daily volume of 45,421,938 shares. The stock had previously closed at $19.74.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BMNR shares. B. Riley Financial cut their target price on BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a research note on Monday, January 5th. They set an “overweight” rating and a $39.00 price objective for the company. Two analysts have 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 MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $43.00.

BitMine Immersion Technologies Stock Performance

The business has a 50 day moving average price of $28.68 and a 200 day moving average price of $39.96.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last posted its quarterly earnings data on Tuesday, January 13th. The company reported ($0.05) earnings per share (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 business had revenue of $2.29 million for the quarter.

BitMine Immersion Technologies Announces Dividend

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

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of institutional investors have recently modified their holdings of the stock. Marex Group plc boosted its holdings in shares of BitMine Immersion Technologies by 560.1% in the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock valued at $272,154,000 after purchasing an additional 8,505,421 shares during the period. ARK Investment Management LLC bought a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth $387,907,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of BitMine Immersion Technologies during the third quarter valued at $196,536,000. Amova Asset Management Americas Inc. purchased a new stake in BitMine Immersion Technologies in the third quarter worth about $196,503,000. Finally, Vanguard Group Inc. bought a new position in BitMine Immersion Technologies during the 3rd quarter worth about $148,612,000.

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.