BitMine Immersion Technologies (NYSE:BMNR) Trading 10.5% Higher – Time to Buy?

BitMine Immersion Technologies, Inc. (NYSE:BMNR) shares shot up 10.5% during mid-day trading on Monday . The stock traded as high as $15.65 and last traded at $15.8720. Approximately 17,452,213 shares traded hands during trading, a decline of 59% from the average daily volume of 42,112,727 shares. The stock had previously closed at $14.36.

Analysts Set New Price Targets

Several research firms have weighed in on BMNR. Weiss Ratings assumed coverage on BitMine Immersion Technologies in a research report on Friday, April 17th. They set a “sell (d-)” rating on the stock. Cantor Fitzgerald cut their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.15.

BitMine Immersion Technologies Trading Up 10.2%

The firm has a market capitalization of $9.01 billion and a price-to-earnings ratio of -121.77. The company’s 50 day moving average is $18.20 and its 200-day moving average is $21.97.

BitMine Immersion Technologies (NYSE:BMNR) last posted its quarterly earnings results on Tuesday, April 14th. The company reported ($0.08) EPS for the quarter. The business had revenue of $11.04 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 5.59% and a negative net margin of 51,892.77%. Research analysts expect that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Milestone Asset Management LLC lifted its holdings in BitMine Immersion Technologies by 5.6% during the 4th quarter. Milestone Asset Management LLC now owns 8,185 shares of the company’s stock valued at $222,000 after purchasing an additional 432 shares during the last quarter. CWA Asset Management Group LLC increased its holdings in shares of BitMine Immersion Technologies by 3.9% in the fourth quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company’s stock valued at $338,000 after purchasing an additional 470 shares during the last quarter. Strategic Advocates LLC bought a new position in shares of BitMine Immersion Technologies in the third quarter valued at about $27,000. Certuity LLC raised its position in shares of BitMine Immersion Technologies by 0.3% in the fourth quarter. Certuity LLC now owns 180,707 shares of the company’s stock valued at $4,906,000 after purchasing an additional 552 shares during the period. Finally, Legacy Wealth Managment LLC ID lifted its stake in shares of BitMine Immersion Technologies by 40.8% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock worth $39,000 after buying an additional 570 shares during the last quarter.

BitMine Immersion Technologies Company 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.