BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) Short Interest Down 18.0% in February

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) was the recipient of a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 22,134,381 shares, a decrease of 18.0% from the February 12th total of 27,005,330 shares. Based on an average daily volume of 36,163,064 shares, the days-to-cover ratio is currently 0.6 days. Currently, 4.9% of the shares of the company are short sold. Currently, 4.9% of the shares of the company are short sold. Based on an average daily volume of 36,163,064 shares, the days-to-cover ratio is currently 0.6 days.

Hedge Funds Weigh In On BitMine Immersion Technologies

Institutional investors have recently bought and sold shares of the company. CNB Bank purchased a new position in BitMine Immersion Technologies during the 3rd quarter worth $26,000. Strategic Advocates LLC purchased a new stake in shares of BitMine Immersion Technologies in the third quarter valued at about $27,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of BitMine Immersion Technologies in the fourth quarter valued at about $27,000. Ankerstar Wealth LLC acquired a new position in shares of BitMine Immersion Technologies during the fourth quarter worth about $27,000. Finally, Quintet Private Bank Europe S.A. acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth about $30,000.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. B. Riley Financial lowered 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 research report on Monday, February 23rd. Cantor Fitzgerald assumed coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They issued an “overweight” rating and a $39.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $34.50.

BitMine Immersion Technologies Stock Up 13.9%

BitMine Immersion Technologies stock traded up $2.85 during mid-day trading on Monday, reaching $23.39. 73,581,874 shares of the company were exchanged, compared to its average volume of 39,534,136. The firm’s 50-day simple moving average is $23.98 and its two-hundred day simple moving average is $35.89. BitMine Immersion Technologies has a twelve month low of $3.20 and a twelve month high of $161.00.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its earnings results 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 company had revenue of $2.29 million during the quarter.

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.