BitMine Immersion Technologies (NYSE:BMNR) Stock Rating Upgraded by Zacks Research

BitMine Immersion Technologies (NYSE:BMNR) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks reports.

BMNR has been the subject of several other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 13th. B. Riley Financial lifted 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 note on Tuesday, September 22nd. Cantor Fitzgerald reissued an “overweight” rating on shares of BitMine Immersion Technologies in a report on Tuesday, October 6th. Finally, Wall Street Zen raised shares of BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a report on Saturday, October 10th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.80.

BitMine Immersion Technologies Stock Up 6.3%

NYSE:BMNR opened at $19.22 on Tuesday. BitMine Immersion Technologies has a 52 week low of $12.80 and a 52 week high of $42.08. The stock’s 50-day moving average price is $23.67 and its 200-day moving average price is $20.61. The stock has a market capitalization of $11.59 billion, a PE ratio of -1.12 and a beta of 1.80.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings results on Tuesday, November 10th. The company reported ($10.57) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a positive return on equity of 0.25% and a negative net margin of 5,058.36%. The business had revenue of $64.94 million for the quarter. Sell-side analysts expect that BitMine Immersion Technologies will post 0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several institutional investors have recently bought and sold shares of BMNR. Weiss Asset Management LP raised its holdings in shares of BitMine Immersion Technologies by 363.6% during 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. Bank of New York Mellon Corp purchased a new position in shares of BitMine Immersion Technologies in the second quarter valued at approximately $20,069,000. Commonwealth Equity Services LLC lifted its position in shares of BitMine Immersion Technologies by 98.4% in the third quarter. Commonwealth Equity Services LLC now owns 616,063 shares of the company’s stock valued at $16,283,000 after acquiring an additional 305,539 shares in the last quarter. California Public Employees Retirement System acquired a new stake in shares of BitMine Immersion Technologies in the first quarter worth approximately $14,072,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of BitMine Immersion Technologies in the third quarter worth approximately $13,446,000.

About BitMine Immersion Technologies

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.