BitMine Immersion Technologies (NYSE:BMNR) Trading 10.1% Higher – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s share price shot up 10.1% during mid-day trading on Tuesday . The company traded as high as $16.00 and last traded at $16.0890. Approximately 7,792,747 shares traded hands during trading, a decline of 81% from the average daily volume of 41,486,926 shares. The stock had previously closed at $14.61.

Wall Street Analyst Weigh In

BMNR has been the subject of several research reports. Weiss Ratings began coverage on shares of BitMine Immersion Technologies in a research report on Friday, April 17th. They issued a “sell (d-)” rating for the company. Cantor Fitzgerald dropped their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.15.

BitMine Immersion Technologies Trading Up 10.6%

The company has a market capitalization of $9.20 billion and a PE ratio of -124.28. The firm has a 50 day simple moving average of $17.40 and a two-hundred day simple moving average of $21.32.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings results on Tuesday, April 14th. The company reported ($0.08) EPS for the quarter. BitMine Immersion Technologies had a positive return on equity of 5.59% and a negative net margin of 51,892.77%.The company had revenue of $11.04 million for the quarter. Research analysts expect that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Hedge funds have recently added to or reduced their stakes in the company. Strategic Advocates LLC purchased a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $27,000. Pilgrim Partners Asia Pte Ltd acquired a new position in BitMine Immersion Technologies during the fourth quarter worth $27,000. Ankerstar Wealth LLC purchased a new position in BitMine Immersion Technologies in the fourth quarter worth $27,000. Lodestone Wealth Management LLC acquired a new stake in BitMine Immersion Technologies in the fourth quarter valued at $30,000. Finally, Trust Co. of Vermont boosted its position in shares of BitMine Immersion Technologies by 424.4% during the 4th quarter. Trust Co. of Vermont now owns 1,180 shares of the company’s stock worth $32,000 after purchasing an additional 955 shares in the last quarter.

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.