BitMine Immersion Technologies (NYSE:BMNR) Given New $34.00 Price Target at B. Riley Financial

Key Points

• B. Riley Financial raised BitMine Immersion Technologies’ price target to $34 from $30 and maintained a “buy” rating, implying about 21% upside from the stock’s $28.09 price.
• Analyst sentiment is mixed: Cantor Fitzgerald raised its target to $63.60 with an “overweight” rating, while Wall Street Zen and Weiss Ratings maintain bearish views. Overall, the consensus rating is “Hold,” with an average target price of $48.80.
• BitMine reported a quarterly loss of $128.25 per share on $46.53 million in revenue, while institutional investors including Weiss Asset Management and Geode Capital increased their holdings.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) had its price target upped by equities researchers at B. Riley Financial from $30.00 to $34.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley Financial's target price suggests a potential upside of 21.04% from the stock's current price.

Several other analysts have also weighed in on the company. Cantor Fitzgerald upped their price objective on BitMine Immersion Technologies from $30.60 to $63.60 and gave the company an "overweight" rating in a report on Thursday, September 10th. Wall Street Zen cut BitMine Immersion Technologies from a "sell" rating to a "strong sell" rating in a research note on Tuesday, September 8th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $48.80.

BitMine Immersion Technologies Stock Performance

Shares of NYSE BMNR traded down $0.16 during midday trading on Tuesday, hitting $28.09. The company's stock had a trading volume of 13,902,076 shares, compared to its average volume of 41,270,711. BitMine Immersion Technologies has a 1-year low of $12.80 and a 1-year high of $65.60. The firm's fifty day moving average price is $20.76 and its 200-day moving average price is $19.66. The firm has a market cap of $16.94 billion, a P/E ratio of 559.84 and a beta of 1.61.

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

Institutional Investors Weigh In On BitMine Immersion Technologies

Institutional investors have recently modified their holdings of the stock. Weiss Asset Management LP grew its stake in BitMine Immersion Technologies by 363.6% in the 1st quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company's stock valued at $85,614,000 after buying an additional 3,394,677 shares during the last quarter. Mozayyx Management LLC bought a new position in BitMine Immersion Technologies in the fourth quarter valued at approximately $90,500,000. Bank of New York Mellon Corp acquired a new position in shares of BitMine Immersion Technologies during the 2nd quarter worth $20,069,000. Geode Capital Management LLC raised its stake in BitMine Immersion Technologies by 65.3% during the fourth quarter. Geode Capital Management LLC now owns 3,384,840 shares of the company's stock worth $91,940,000 after acquiring an additional 1,336,706 shares in the last quarter. Finally, Amova Asset Management Americas Inc. increased its position in BitMine Immersion Technologies by 29.9% during the 4th quarter. Amova Asset Management Americas Inc. now owns 4,911,524 shares of the company's stock worth $133,397,000 after purchasing an additional 1,129,706 shares in the last quarter.

BitMine Immersion Technologies Company Profile

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.

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