Menard Financial Group LLC Takes Position in BitMine Immersion Technologies, Inc. $BMNR

Menard Financial Group LLC purchased a new position in shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 49,965 shares of the company’s stock, valued at approximately $2,595,000. BitMine Immersion Technologies comprises 1.7% of Menard Financial Group LLC’s investment portfolio, making the stock its 11th largest holding.

A number of other hedge funds also recently modified their holdings of the stock. Comerica Bank purchased a new position in BitMine Immersion Technologies in the third quarter valued at approximately $138,000. Texas Capital Bank Wealth Management Services Inc purchased a new stake in BitMine Immersion Technologies in the third quarter worth $302,000. Newbridge Financial Services Group Inc. purchased a new stake in BitMine Immersion Technologies in the third quarter worth $1,433,000. Pinnbrook Capital Management LP bought a new stake in shares of BitMine Immersion Technologies in the third quarter valued at $4,593,000. Finally, Epoch Investment Partners Inc. purchased a new position in shares of BitMine Immersion Technologies during the 3rd quarter valued at $838,000.

BitMine Immersion Technologies Trading Down 0.0%

BitMine Immersion Technologies stock opened at $20.54 on Friday. The firm has a 50 day simple moving average of $24.18 and a 200 day simple moving average of $36.21. BitMine Immersion Technologies, Inc. has a 1-year low of $3.20 and a 1-year high of $161.00.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BMNR. B. Riley Financial cut their price target on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They set an “overweight” rating and a $39.00 price objective on the stock. Two research 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $34.50.

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.