BitMine Immersion Technologies (NYSE:BMNR) Stock Price Expected to Rise, B. Riley Financial Analyst Says

Key Points

• B. Riley Financial raised BitMine Immersion Technologies’ price target to $30 from $25 and maintained a “buy” rating, implying 14.39% upside. The stock has a consensus “Moderate Buy” rating and an average target of $30.15, though analyst views range from Strong Buy to Sell.
• BMNR shares rose 13.7% to $26.23 in Thursday trading on volume of 42.3 million shares. The company has a $15.82 billion market capitalization but trades at a very high P/E ratio of 524.74.
• BitMine reported a quarterly loss of $128.25 per share on $46.53 million in revenue, alongside a deeply negative net margin. Several institutional investors increased or initiated positions, including Marex Group, Morgan Stanley, Weiss Asset Management and Pantera Capital.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) had its price objective raised by investment analysts at B. Riley Financial from $25.00 to $30.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley Financial's price target indicates a potential upside of 14.39% from the stock's current price.

A number of other analysts also recently weighed in on BMNR. B Riley reissued a "buy" rating on shares of BitMine Immersion Technologies in a research report on Thursday. Weiss Ratings reiterated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Finally, Cantor Fitzgerald decreased their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating for the company in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.15.

BitMine Immersion Technologies Trading Up 13.7%

BMNR stock traded up $3.17 during trading on Thursday, reaching $26.23. The stock had a trading volume of 42,330,210 shares, compared to its average volume of 41,060,930. The firm has a fifty day moving average price of $18.00 and a 200 day moving average price of $19.22. The company has a market capitalization of $15.82 billion, a P/E ratio of 524.74 and a beta of 1.61. BitMine Immersion Technologies has a 1-year low of $12.80 and a 1-year high of $65.60.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) 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 business had revenue of $46.53 million during the quarter. Sell-side analysts predict that BitMine Immersion Technologies will post 0.06 EPS for the current year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Institutional investors have recently made changes to their positions in the company. Marex Group plc lifted its holdings in BitMine Immersion Technologies by 560.1% in the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company's stock worth $272,154,000 after purchasing an additional 8,505,421 shares during the period. Weiss Asset Management LP lifted its position in BitMine Immersion Technologies by 363.6% in the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company's stock worth $85,614,000 after purchasing an additional 3,394,677 shares during the period. Mozayyx Management LLC bought a new position in BitMine Immersion Technologies during the 4th quarter valued at $90,500,000. Morgan Stanley increased its position in shares of BitMine Immersion Technologies by 25.8% during the 4th quarter. Morgan Stanley now owns 12,197,071 shares of the company's stock valued at $331,151,000 after purchasing an additional 2,500,368 shares during the period. Finally, Pantera Capital Partners LP acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter valued at $122,036,000.

About BitMine Immersion Technologies

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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