B. Riley Lowers BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Price Target to $47.00

Key Points

• B. Riley cut its price target for BitMine Immersion Technologies from $90 to $47 but kept a Buy rating, with the new target implying about a 76% upside from the recent close.
• BMNR shares fell about 8.5% to $26.70 on heavy volume, trading well below the 50‑day moving average of $49.35; the company has a market cap of $7.46 billion, a negative P/E of -61.02, and a 52‑week range of $3.20–$161.00.
• Analyst sentiment is mixed but skewed positive: MarketBeat shows a consensus Buy and $47 target (one Strong Buy, one Buy, one Hold), while Zacks recently upgraded the stock to a Hold; several hedge funds have taken small new positions.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR - Get Free Report) had its target price decreased by stock analysts at B. Riley from $90.00 to $47.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley's target price would suggest a potential upside of 76.03% from the company's previous close.

Separately, Zacks Research upgraded shares of BitMine Immersion Technologies to a "hold" rating in a research note on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $47.00.

BitMine Immersion Technologies Stock Down 8.5%

BMNR stock traded down $2.48 during trading on Thursday, hitting $26.70. The company had a trading volume of 38,363,007 shares, compared to its average volume of 22,292,877. The firm has a 50 day moving average price of $49.35. The company has a market capitalization of $7.46 billion and a price-to-earnings ratio of -61.02. BitMine Immersion Technologies has a fifty-two week low of $3.20 and a fifty-two week high of $161.00.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds have recently added to or reduced their stakes in BMNR. CNB Bank bought a new stake in BitMine Immersion Technologies in the third quarter worth approximately $26,000. Quintet Private Bank Europe S.A. acquired a new stake in shares of BitMine Immersion Technologies in the third quarter worth about $30,000. Guerra Advisors Inc acquired a new position in shares of BitMine Immersion Technologies during the third quarter valued at about $31,000. Wellington Shields Capital Management LLC bought a new stake in shares of BitMine Immersion Technologies in the third quarter valued at about $31,000. Finally, HM Payson & Co. bought a new position in BitMine Immersion Technologies during the third quarter valued at about $35,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.

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