BitMine Immersion Technologies (NYSE:BMNR) Shares Up 9.7% on Analyst Upgrade

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) traded up 9.7% during mid-day trading on Friday after Cantor Fitzgerald raised their price target on the stock from $30.60 to $63.60. Cantor Fitzgerald currently has an overweight rating on the stock. BitMine Immersion Technologies traded as high as $25.83 and last traded at $26.5520. Approximately 9,535,231 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 40,820,547 shares. The stock had previously closed at $24.20.

A number of other equities analysts have also recently commented on the company. Wall Street Zen cut BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a report on Tuesday. B Riley reissued a “buy” rating on shares of BitMine Immersion Technologies in a research report on Thursday, September 3rd. B. Riley Financial raised their price objective on shares of BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $46.80.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several large investors have recently bought and sold shares of the stock. Ankerstar Wealth LLC purchased a new position in shares of BitMine Immersion Technologies in the 4th quarter valued at about $27,000. Banque Cantonale Vaudoise increased its stake in shares of BitMine Immersion Technologies by 72.3% during the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock worth $37,000 after buying an additional 780 shares during the period. Larson Financial Group LLC acquired a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $37,000. Northwestern Mutual Wealth Management Co. acquired a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $38,000. Finally, Legacy Wealth Managment LLC ID lifted its stake in BitMine Immersion Technologies by 40.8% in the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock worth $39,000 after acquiring an additional 570 shares during the last quarter.

BitMine Immersion Technologies Price Performance

The company has a market cap of $15.93 billion, a PE ratio of 528.24 and a beta of 1.61. The business’s 50 day moving average is $19.34 and its 200-day moving average is $19.41.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The firm had revenue of $46.53 million during the quarter. As a group, sell-side analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current fiscal year.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.