BitMine Immersion Technologies (NYSE:BMNR) Given New $63.60 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised BitMine Immersion Technologies’ price target from $30.60 to $63.60 and maintained an “overweight” rating, implying 162.78% upside from the prior close.
• Analyst sentiment remains mixed: BMNR has a consensus “Hold” rating and an average target price of $46.80, despite three Buy ratings and recent Sell ratings from other firms.
• Shares opened at $24.20, while the company reported a quarterly loss of $128.25 per share on $46.53 million in revenue and continues expanding from crypto mining into Ethereum-focused digital-asset treasury activities.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) had its price target upped by analysts at Cantor Fitzgerald from $30.60 to $63.60 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Cantor Fitzgerald's price target would suggest a potential upside of 162.78% from the company's previous close.

BMNR has been the topic of a number of other reports. Wall Street Zen cut shares of BitMine Immersion Technologies from a "sell" rating to a "strong sell" rating in a report on Tuesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. B. Riley Financial increased their target price on shares of BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. Finally, B Riley restated a "buy" rating on shares of BitMine Immersion Technologies in a research note on Thursday, September 3rd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $46.80.

BitMine Immersion Technologies Trading Down 2.3%

Shares of NYSE:BMNR opened at $24.20 on Thursday. The company has a market capitalization of $14.60 billion, a PE ratio of 484.06 and a beta of 1.61. BitMine Immersion Technologies has a 12-month low of $12.80 and a 12-month high of $65.60. The business's fifty day simple moving average is $19.14 and its 200-day simple moving average is $19.38.

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

Institutional Investors Weigh In On BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BMNR. Legacy Wealth Managment LLC ID grew its stake in shares of BitMine Immersion Technologies by 40.8% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company's stock worth $39,000 after acquiring an additional 570 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of BitMine Immersion Technologies by 16.6% during the first quarter. EverSource Wealth Advisors LLC now owns 4,620 shares of the company's stock valued at $91,000 after acquiring an additional 658 shares in the last quarter. Kingsview Wealth Management LLC raised its position in shares of BitMine Immersion Technologies by 4.8% in the 4th quarter. Kingsview Wealth Management LLC now owns 15,467 shares of the company's stock valued at $420,000 after purchasing an additional 711 shares during the last quarter. Larson Financial Group LLC purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $37,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in BitMine Immersion Technologies in the 3rd quarter worth approximately $38,000.

About BitMine Immersion Technologies

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.