NewEdge Advisors LLC Purchases 45,049 Shares of BitMine Immersion Technologies, Inc. $BMNR

NewEdge Advisors LLC lifted its position in BitMine Immersion Technologies, Inc. (NYSE:BMNR) by 67.9% during the first quarter, Holdings Channel reports. The institutional investor owned 111,435 shares of the company’s stock after buying an additional 45,049 shares during the quarter. NewEdge Advisors LLC’s holdings in BitMine Immersion Technologies were worth $2,204,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. State of Michigan Retirement System grew its holdings in BitMine Immersion Technologies by 141.7% in the fourth quarter. State of Michigan Retirement System now owns 145,000 shares of the company’s stock worth $3,937,000 after purchasing an additional 85,000 shares during the last quarter. Weiss Asset Management LP increased its position in shares of BitMine Immersion Technologies by 363.6% during the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock worth $85,614,000 after purchasing an additional 3,394,677 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of BitMine Immersion Technologies during the 1st quarter valued at $1,906,000. Dimensional Fund Advisors LP purchased a new stake in shares of BitMine Immersion Technologies during the 1st quarter valued at $4,275,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of BitMine Immersion Technologies by 612.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 132,063 shares of the company’s stock valued at $2,612,000 after purchasing an additional 113,532 shares during the last quarter.

BitMine Immersion Technologies Trading Down 0.8%

NYSE BMNR opened at $18.15 on Friday. BitMine Immersion Technologies, Inc. has a 12-month low of $12.80 and a 12-month high of $65.60. The company has a fifty day simple moving average of $16.22 and a two-hundred day simple moving average of $19.27. The stock has a market cap of $10.95 billion, a P/E ratio of 363.02 and a beta of 1.30.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. The company had revenue of $46.53 million for 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, sell-side analysts forecast that BitMine Immersion Technologies, Inc. will post 0.06 earnings per share for the current year.

Analysts Set New Price Targets

BMNR has been the subject of a number of recent analyst reports. B. Riley Financial lowered their price objective on BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Cantor Fitzgerald reduced their target price on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, BitMine Immersion Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $27.65.

BitMine Immersion Technologies 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.