NewEdge Advisors LLC Grows Stake in BitMine Immersion Technologies, Inc. $BMNR

NewEdge Advisors LLC raised its position in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) by 67.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 111,435 shares of the company’s stock after purchasing an additional 45,049 shares during the period. NewEdge Advisors LLC’s holdings in BitMine Immersion Technologies were worth $2,204,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Pilgrim Partners Asia Pte Ltd bought a new position in shares of BitMine Immersion Technologies during the 4th quarter worth $27,000. Ankerstar Wealth LLC bought a new stake in shares of BitMine Immersion Technologies in the fourth quarter valued at about $27,000. Banque Cantonale Vaudoise raised its holdings in shares of BitMine Immersion Technologies by 72.3% in the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock valued at $37,000 after acquiring an additional 780 shares in the last quarter. Larson Financial Group LLC bought a new stake in shares of BitMine Immersion Technologies in the third quarter valued at about $37,000. Finally, Legacy Wealth Managment LLC ID lifted its stake in BitMine Immersion Technologies by 153.8% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 1,396 shares of the company’s stock worth $38,000 after acquiring an additional 846 shares during the period.

BitMine Immersion Technologies Trading Down 0.8%

Shares of NYSE BMNR opened at $18.15 on Friday. BitMine Immersion Technologies, Inc. has a 12-month low of $12.80 and a 12-month high of $65.60. The stock’s fifty day simple moving average is $16.22 and its two-hundred day simple moving average is $19.27. The stock has a market capitalization of $10.95 billion, a PE ratio of 363.02 and a beta of 1.30.

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on BMNR shares. Cantor Fitzgerald dropped their target price on shares of 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 reduced their price target on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.65.

About BitMine Immersion Technologies

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.