Wall Street Zen Downgrades BitMine Immersion Technologies (NYSE:BMNR) to Strong Sell

BitMine Immersion Technologies (NYSE:BMNR) was downgraded by Wall Street Zen from a “sell” rating to a “strong sell” rating in a note issued to investors on Tuesday, Wall Street Zen reports.

Several other analysts have also recently commented on BMNR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Cantor Fitzgerald decreased their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. B. Riley Financial lifted their price objective on BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Finally, B Riley reaffirmed a “buy” rating on shares of BitMine Immersion Technologies in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, BitMine Immersion Technologies has a consensus rating of “Moderate Buy” and an average price target of $30.15.

BitMine Immersion Technologies Stock Down 0.2%

NYSE:BMNR opened at $24.93 on Tuesday. The company has a market capitalization of $15.04 billion, a PE ratio of 498.60 and a beta of 1.61. BitMine Immersion Technologies has a 52-week low of $12.80 and a 52-week high of $65.60. The stock has a fifty day simple moving average of $18.71 and a 200-day simple moving average of $19.32.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (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 business had revenue of $46.53 million during the quarter. As a group, equities analysts anticipate that BitMine Immersion Technologies will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Institutional investors have recently bought and sold shares of the business. Marex Group plc boosted its position in shares of BitMine Immersion Technologies by 560.1% in the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock worth $272,154,000 after buying an additional 8,505,421 shares during the period. 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 acquiring an additional 3,394,677 shares during the last quarter. Mozayyx Management LLC acquired a new position in shares of BitMine Immersion Technologies in the fourth quarter worth about $90,500,000. Morgan Stanley boosted its holdings in BitMine Immersion Technologies by 25.8% in the fourth quarter. Morgan Stanley now owns 12,197,071 shares of the company’s stock valued at $331,151,000 after purchasing an additional 2,500,368 shares during the last quarter. Finally, Pantera Capital Partners LP purchased a new position in BitMine Immersion Technologies in the third quarter valued at about $122,036,000.

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.