BitMine Immersion Technologies (NYSE:BMNR) Price Target Raised to $63.60

BitMine Immersion Technologies (NYSE:BMNR) had its price target boosted by Cantor Fitzgerald from $30.60 to $63.60 in a report released on Thursday morning, Marketbeat reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts also recently commented on BMNR. B. Riley Financial boosted their price objective on BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. B Riley reiterated a “buy” rating on shares of BitMine Immersion Technologies in a report on Thursday, September 3rd. Wall Street Zen downgraded shares of BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $46.80.

BitMine Immersion Technologies Price Performance

Shares of BitMine Immersion Technologies stock opened at $25.07 on Thursday. BitMine Immersion Technologies has a one year low of $12.80 and a one year high of $65.60. The firm has a market capitalization of $15.13 billion, a price-to-earnings ratio of 501.48 and a beta of 1.61. The business has a 50-day simple moving average of $19.55 and a 200 day simple moving average of $19.45.

BitMine Immersion Technologies (NYSE:BMNR) last posted its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. The firm had revenue of $46.53 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%. On average, sell-side analysts expect that BitMine Immersion Technologies will post 0.06 EPS for the current year.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds have recently added to or reduced their stakes in BMNR. Weiss Asset Management LP boosted its stake in BitMine Immersion Technologies by 363.6% in the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock valued at $85,614,000 after acquiring an additional 3,394,677 shares during the last quarter. Entropy Technologies LP purchased a new stake in shares of BitMine Immersion Technologies during the 1st quarter worth approximately $1,906,000. Dimensional Fund Advisors LP purchased a new stake in shares of BitMine Immersion Technologies during the 1st quarter worth approximately $4,275,000. The Manufacturers Life Insurance Company raised its holdings in shares of BitMine Immersion Technologies by 612.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 132,063 shares of the company’s stock worth $2,612,000 after purchasing an additional 113,532 shares during the period. Finally, Independent Financial Group LLC bought a new stake in shares of BitMine Immersion Technologies in the 1st quarter worth approximately $3,655,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.