BitMine Immersion Technologies (NYSE:BMNR) Stock Price Up 6.8% – Here’s Why

BitMine Immersion Technologies, Inc. (NYSE:BMNR) shot up 6.8% during trading on Monday . The company traded as high as $16.77 and last traded at $16.7640. Approximately 14,798,888 shares were traded during mid-day trading, a decline of 64% from the average session volume of 41,520,605 shares. The stock had previously closed at $15.69.

Analyst Ratings Changes

Several brokerages have recently commented on BMNR. Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Wednesday. Cantor Fitzgerald reduced their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Finally, B. Riley Financial dropped their target price on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.65.

BitMine Immersion Technologies Trading Up 6.6%

The stock’s 50-day moving average price is $16.87 and its two-hundred day moving average price is $20.96. The stock has a market capitalization of $10.09 billion and a P/E ratio of -129.28.

BitMine Immersion Technologies (NYSE:BMNR) last posted its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. The company had revenue of $46.53 million during the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%. On average, equities research analysts predict that BitMine Immersion Technologies, Inc. will post -8.41 earnings per share for the current year.

Hedge Funds Weigh In On BitMine Immersion Technologies

Several large investors have recently modified their holdings of the business. Pilgrim Partners Asia Pte Ltd bought a new position in BitMine Immersion Technologies in the 4th quarter worth about $27,000. Ankerstar Wealth LLC bought a new stake in shares of BitMine Immersion Technologies during the fourth quarter valued at about $27,000. Lodestone Wealth Management LLC purchased a new stake in shares of BitMine Immersion Technologies in the fourth quarter worth about $30,000. Trust Co. of Vermont lifted its holdings in shares of BitMine Immersion Technologies by 424.4% in the fourth quarter. Trust Co. of Vermont now owns 1,180 shares of the company’s stock worth $32,000 after buying an additional 955 shares in the last quarter. Finally, Banque Cantonale Vaudoise boosted its position in shares of BitMine Immersion Technologies by 72.3% in the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock valued at $37,000 after acquiring an additional 780 shares during the period.

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.