BitMine Immersion Technologies (NYSE:BMNR) Stock Price Target Cut by B. Riley Financial

Key Points

• B. Riley cut its price target on BitMine from $34 to $27 but maintained a Buy rating; the new target implies 48.74% upside from the current share price.
• Analyst views are mixed, though MarketBeat’s consensus rating is Moderate Buy, with an average price target of $45.30.
• BitMine reported a quarterly loss of $10.57 per share on $64.94 million in revenue; its shares opened at $18.15 and were down 1.6%.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) had its price target reduced by B. Riley Financial from $34.00 to $27.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley Financial's price objective indicates a potential upside of 48.74% from the company's current price.

BMNR has been the subject of several other reports. Wall Street Zen raised BitMine Immersion Technologies from a "strong sell" rating to a "sell" rating in a report on Saturday, October 10th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of BitMine Immersion Technologies in a report on Tuesday, October 6th. Zacks Research upgraded BitMine Immersion Technologies from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Finally, Weiss Ratings upgraded BitMine Immersion Technologies from a "sell (d-)" rating to a "sell (d)" rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, BitMine Immersion Technologies presently has an average rating of "Moderate Buy" and an average price target of $45.30.

BitMine Immersion Technologies Stock Down 1.6%

Shares of BMNR stock opened at $18.15 on Friday. The firm has a 50 day moving average price of $23.58 and a two-hundred day moving average price of $20.56. The company has a market capitalization of $11.37 billion, a PE ratio of -1.06 and a beta of 1.80. BitMine Immersion Technologies has a 12-month low of $12.80 and a 12-month high of $42.08.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last issued its quarterly earnings data 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 0.23% and a negative net margin of 5,058.36%. The firm had revenue of $64.94 million for the quarter. As a group, research analysts expect that BitMine Immersion Technologies will post 0.23 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BMNR. Weiss Asset Management LP raised its position in shares of 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 valued at $85,614,000 after buying an additional 3,394,677 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in BitMine Immersion Technologies during the second quarter worth approximately $20,069,000. California Public Employees Retirement System acquired a new stake in BitMine Immersion Technologies during the first quarter worth approximately $14,072,000. Commonwealth Equity Services LLC increased its stake in BitMine Immersion Technologies by 98.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 616,063 shares of the company's stock worth $16,283,000 after acquiring an additional 305,539 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in BitMine Immersion Technologies during the 3rd quarter worth $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.

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.