BitMine Immersion Technologies (NYSE:BMNR) Issues Quarterly Earnings Results

BitMine Immersion Technologies (NYSE:BMNR) announced its quarterly earnings results on Tuesday. The company reported ($10.57) earnings per share for the quarter, FiscalAI reports. The firm had revenue of $64.94 million for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%.

BitMine Immersion Technologies Trading Down 2.8%

Shares of BMNR opened at $18.08 on Wednesday. BitMine Immersion Technologies has a 12 month low of $12.80 and a 12 month high of $42.08. The firm has a market cap of $10.91 billion, a P/E ratio of 361.64 and a beta of 1.80. The stock’s 50 day moving average is $23.75 and its two-hundred day moving average is $20.66.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BMNR shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of BitMine Immersion Technologies in a report on Tuesday, October 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Tuesday, October 13th. Wall Street Zen raised BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 10th. Finally, B. Riley Financial upped their price target on shares of BitMine Immersion Technologies from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Tuesday, September 22nd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $48.80.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of institutional investors have recently added to or reduced their stakes in BMNR. Pinnacle Wealth Planning Services Inc. boosted its stake in BitMine Immersion Technologies by 1,696.6% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 1,060 shares of the company’s stock worth $28,000 after buying an additional 1,001 shares during the period. Quintet Private Bank Europe S.A. boosted its position in shares of BitMine Immersion Technologies by 100.0% during the third quarter. Quintet Private Bank Europe S.A. now owns 1,150 shares of the company’s stock worth $30,000 after buying an additional 575 shares during the period. Legacy Wealth Managment LLC ID boosted its position in shares of BitMine Immersion Technologies by 40.8% during the first 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 period. Continuum Advisory LLC acquired a new stake in shares of BitMine Immersion Technologies in the second quarter valued at $53,000. Finally, Western Wealth Management LLC acquired a new stake in shares of BitMine Immersion Technologies in the first quarter valued at $58,000.

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.