Wall Street Zen Upgrades BitMine Immersion Technologies (NYSE:BMNR) to "Sell"

Key Points

• Wall Street Zen upgraded BitMine Immersion Technologies from “strong sell” to “sell,” while other analyst views remain mixed. The stock has a consensus “Hold” rating and an average price target of $48.80.
• BMNR opened at $24.04, with a 12-month trading range of $12.80 to $60.94 and a market capitalization of approximately $14.5 billion. Its valuation remains elevated, with a price-to-earnings ratio of 480.76.
• The company reported a quarterly loss of $128.25 per share on $46.53 million in revenue, alongside a sharply negative net margin. Meanwhile, several institutional investors increased their positions during the third quarter.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) was upgraded by analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts also recently issued reports on the stock. B. Riley Financial increased their price objective on shares of BitMine Immersion Technologies from $30.00 to $34.00 and gave the stock a "buy" rating in a research note on Tuesday, September 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of BitMine Immersion Technologies in a research report on Tuesday. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, BitMine Immersion Technologies has a consensus rating of "Hold" and a consensus price target of $48.80.

BitMine Immersion Technologies Trading Down 0.0%

Shares of BMNR opened at $24.04 on Friday. BitMine Immersion Technologies has a 12 month low of $12.80 and a 12 month high of $60.94. The firm's 50 day moving average is $23.48 and its 200-day moving average is $20.20. The stock has a market capitalization of $14.50 billion, a PE ratio of 480.76 and a beta of 1.52.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last released its earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share 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 for the quarter. Equities research analysts predict that BitMine Immersion Technologies will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BMNR. GAMMA Investing LLC grew its holdings in BitMine Immersion Technologies by 635.5% during the 3rd quarter. GAMMA Investing LLC now owns 7,230 shares of the company's stock worth $191,000 after acquiring an additional 6,247 shares during the last quarter. Horrell Capital Management Inc. lifted its holdings in shares of BitMine Immersion Technologies by 25.1% during the third quarter. Horrell Capital Management Inc. now owns 4,065 shares of the company's stock worth $107,000 after purchasing an additional 816 shares during the period. Farther Finance Advisors LLC grew its stake in shares of BitMine Immersion Technologies by 48.1% in the third quarter. Farther Finance Advisors LLC now owns 34,734 shares of the company's stock worth $918,000 after purchasing an additional 11,285 shares during the last quarter. CoreCap Advisors LLC grew its stake in shares of BitMine Immersion Technologies by 550.2% in the third quarter. CoreCap Advisors LLC now owns 16,905 shares of the company's stock worth $447,000 after purchasing an additional 14,305 shares during the last quarter. Finally, Titleist Asset Management LLC acquired a new stake in BitMine Immersion Technologies in the third quarter valued at $293,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and the management of digital assets. Its operations have included the use of immersion-cooling technology, which is designed to improve the efficiency and operating environment of specialized computing equipment used in cryptocurrency mining.

The company has also shifted its strategic focus toward building and managing a treasury of digital assets, particularly Ethereum, while continuing to evaluate opportunities in cryptocurrency mining, blockchain infrastructure and related technologies.

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