B. Riley Financial Issues Pessimistic Forecast for BitMine Immersion Technologies (NYSE:BMNR) Stock Price

BitMine Immersion Technologies (NYSE:BMNR) had its target price decreased by investment analysts at B. Riley Financial from $34.00 to $27.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial‘s price objective suggests a potential upside of 48.74% from the company’s previous close.

BMNR has been the subject of a number of other research reports. Wall Street Zen raised shares of BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a report on Saturday, October 10th. Weiss Ratings upgraded shares of BitMine Immersion Technologies from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday. Cantor Fitzgerald reissued an “overweight” rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 6th. Finally, Zacks Research raised shares of BitMine Immersion Technologies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, BitMine Immersion Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $45.30.

BitMine Immersion Technologies Stock Down 1.6%

BMNR opened at $18.15 on Friday. BitMine Immersion Technologies has a twelve month low of $12.80 and a twelve month high of $42.08. The company has a 50-day simple moving average of $23.58 and a 200 day simple moving average of $20.56. The stock has a market capitalization of $11.37 billion, a price-to-earnings ratio of -1.06 and a beta of 1.80.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings data on Tuesday, November 10th. The company reported ($10.57) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a positive return on equity of 0.23% and a negative net margin of 5,058.36%. The firm had revenue of $64.94 million for the quarter. Sell-side analysts anticipate that BitMine Immersion Technologies will post 0.23 EPS for the current fiscal year.

Institutional Trading of BitMine Immersion Technologies

Several large investors have recently bought and sold shares of the business. Trivium Point Advisory LLC bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at approximately $1,088,000. SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co acquired a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $1,777,000. Meeder Advisory Services Inc. acquired a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $274,000. Cornerstone Select Advisors LLC acquired a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $202,000. Finally, Rathbones Group PLC bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $338,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies is a digital-asset company whose business has included Bitcoin mining and immersion-cooling technology. Immersion cooling uses liquid to manage the heat generated by computing equipment and can support the operation of mining hardware. The company has shifted its strategic focus toward acquiring and holding Ether as a treasury asset. Its history in Bitcoin mining and cooling technology provides context for its involvement in digital-asset infrastructure, while its current strategy centers on Ether.