BitMine Immersion Technologies (NYSE:BMNR) Cut to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded BitMine Immersion Technologies to “strong sell” from “sell,” contrasting with an overall MarketBeat analyst consensus of “Moderate Buy” and an average price target of $30.15.
• BMNR shares opened at $24.93, with a $15.04 billion market capitalization and a 12-month trading range of $12.80 to $65.60. The company reported a quarterly loss of $128.25 per share on $46.53 million in revenue.
• Several institutional investors increased or initiated positions during the second quarter, including Corient Private Wealth, California State Teachers Retirement System, Ameritas Advisory Services and Chokshi & Queen Wealth Advisors.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Tuesday, Wall Street Zen reports.

Several other brokerages have also recently weighed in on BMNR. B Riley reaffirmed a "buy" rating on shares of BitMine Immersion Technologies in a report on Thursday. Cantor Fitzgerald dropped their price objective on 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 upped their price target on BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.15.

BitMine Immersion Technologies Trading Down 0.2%

Shares of NYSE BMNR opened at $24.93 on Tuesday. The stock has a market capitalization of $15.04 billion, a PE ratio of 498.60 and a beta of 1.61. BitMine Immersion Technologies has a twelve month low of $12.80 and a twelve month high of $65.60. The stock has a fifty day simple moving average of $18.71 and a 200-day simple moving average of $19.32.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Corient Private Wealth LP increased its stake in BitMine Immersion Technologies by 89.5% in the 2nd quarter. Corient Private Wealth LP now owns 77,285 shares of the company's stock valued at $1,029,000 after buying an additional 36,495 shares during the period. California State Teachers Retirement System purchased a new stake in shares of BitMine Immersion Technologies in the second quarter valued at approximately $1,410,000. Ameritas Advisory Services LLC boosted its stake in shares of BitMine Immersion Technologies by 26.4% in the second quarter. Ameritas Advisory Services LLC now owns 44,733 shares of the company's stock valued at $595,000 after buying an additional 9,351 shares in the last quarter. Chokshi & Queen Wealth Advisors Inc lifted its holdings in BitMine Immersion Technologies by 84.1% in the second quarter. Chokshi & Queen Wealth Advisors Inc now owns 82,300 shares of the company's stock valued at $1,095,000 after acquiring an additional 37,600 shares during the period. Finally, Compass Financial Management LLC purchased a new stake in shares of BitMine Immersion Technologies during the 2nd quarter worth $303,000.

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.

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