BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up – Time to Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) gapped up before the market opened on Friday . The stock had previously closed at $17.40, but opened at $18.78. BitMine Immersion Technologies shares last traded at $19.1680, with a volume of 10,768,089 shares.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BMNR shares. Cantor Fitzgerald assumed coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They issued an “overweight” rating and a $39.00 price objective on the stock. B. Riley reduced their price target on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. Finally, Zacks Research upgraded shares of BitMine Immersion Technologies to a “hold” rating in a report on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $43.00.

BitMine Immersion Technologies Price Performance

The company’s 50-day simple moving average is $30.20 and its 200 day simple moving average is $40.70.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its earnings results on Tuesday, January 13th. The company reported ($12.74) earnings per share (EPS) 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 company had revenue of $2.29 million during the quarter.

BitMine Immersion Technologies Announces Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, December 29th. Stockholders of record on Monday, December 8th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, December 8th. This represents a dividend yield of 3.0%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BMNR. XTX Topco Ltd purchased a new stake in shares of BitMine Immersion Technologies in the 2nd quarter valued at approximately $374,000. Lauer Wealth LLC acquired a new position in shares of BitMine Immersion Technologies during the second quarter worth $363,000. Skandinaviska Enskilda Banken AB publ purchased a new position in BitMine Immersion Technologies in the second quarter valued at $508,000. Sassicaia Capital Advisers LLC acquired a new stake in BitMine Immersion Technologies in the second quarter valued at $1,570,000. Finally, Marex Group plc acquired a new stake in shares of BitMine Immersion Technologies during the 2nd quarter worth about $465,000.

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.