BitMine Immersion Technologies, Inc. $BMNR is Weiss Asset Management LP’s 10th Largest Position

Weiss Asset Management LP boosted its position in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) by 363.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,328,294 shares of the company’s stock after acquiring an additional 3,394,677 shares during the period. BitMine Immersion Technologies comprises 1.5% of Weiss Asset Management LP’s investment portfolio, making the stock its 10th biggest holding. Weiss Asset Management LP’s holdings in BitMine Immersion Technologies were worth $85,614,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Larson Financial Group LLC acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at $37,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth $38,000. Ankerstar Wealth LLC acquired a new position in shares of BitMine Immersion Technologies during the fourth quarter worth $27,000. Pilgrim Partners Asia Pte Ltd purchased a new position in BitMine Immersion Technologies in the fourth quarter valued at $27,000. Finally, Banque Cantonale Vaudoise purchased a new position in BitMine Immersion Technologies in the third quarter valued at $56,000.

BitMine Immersion Technologies Trading Down 4.6%

Shares of NYSE:BMNR opened at $15.82 on Friday. The company has a market capitalization of $9.54 billion and a PE ratio of 316.44. BitMine Immersion Technologies, Inc. has a twelve month low of $12.80 and a twelve month high of $71.74. The firm has a 50 day simple moving average of $16.39 and a 200-day simple moving average of $20.60.

BitMine Immersion Technologies (NYSE:BMNR) last issued its earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. The company 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%. As a group, equities research analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Analysts Set New Price Targets

BMNR has been the topic of a number of analyst reports. B. Riley Financial cut their price target on BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Finally, Cantor Fitzgerald dropped their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, BitMine Immersion Technologies presently has an average rating of “Moderate Buy” and an average target price of $27.65.

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.