BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading 8.4% Higher – What’s Next?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price shot up 8.4% on Wednesday . The stock traded as high as $21.31 and last traded at $21.0740. 10,595,649 shares were traded during trading, a decline of 75% from the average session volume of 42,935,465 shares. The stock had previously closed at $19.44.

Wall Street Analysts Forecast Growth

BMNR has been the topic of a number of recent research reports. B. Riley Financial decreased their price objective on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a report on Monday. Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a research note on Monday, January 5th. They issued an “overweight” rating and a $39.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Price Performance

The firm’s fifty day moving average price is $26.45 and its 200-day moving average price is $39.14.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its quarterly earnings data on Tuesday, January 13th. The company reported ($0.05) earnings per share for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The business had revenue of $2.29 million for the quarter.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BMNR. Avory & Company LLC acquired a new stake in BitMine Immersion Technologies in the 4th quarter valued at $455,000. Virtu Financial LLC grew its holdings in shares of BitMine Immersion Technologies by 8,516.4% in the 4th quarter. Virtu Financial LLC now owns 923,673 shares of the company’s stock valued at $25,078,000 after acquiring an additional 912,953 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of BitMine Immersion Technologies by 27.8% in the fourth quarter. Sunbelt Securities Inc. now owns 4,601 shares of the company’s stock valued at $125,000 after acquiring an additional 1,001 shares during the last quarter. Axxcess Wealth Management LLC raised its holdings in BitMine Immersion Technologies by 31.1% during the fourth quarter. Axxcess Wealth Management LLC now owns 7,784 shares of the company’s stock worth $211,000 after acquiring an additional 1,846 shares in the last quarter. Finally, Corient Private Wealth LLC bought a new stake in BitMine Immersion Technologies during the fourth quarter worth about $1,260,000.

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.