BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) Short Interest Down 18.0% in February

Key Points

• Short interest down 18% — short interest fell to 22,134,381 shares as of Feb. 27 (about 4.9% of shares short) with a days-to-cover ratio of 0.6 days.
• Shares surged 13.9% to $23.39 on heavy volume (≈73.6M shares), highlighting extreme volatility given a 52-week range of $3.20–$161.00.
• In the latest quarter BitMine reported a loss of $0.05 per share on $2.29M revenue and an unusually large negative net margin, despite a reported positive return on equity.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) was the target of a large decrease in short interest in February. As of February 27th, there was short interest totaling 22,134,381 shares, a decrease of 18.0% from the February 12th total of 27,005,330 shares. Currently, 4.9% of the company's stock are short sold. Based on an average trading volume of 36,163,064 shares, the days-to-cover ratio is presently 0.6 days. Based on an average trading volume of 36,163,064 shares, the days-to-cover ratio is presently 0.6 days. Currently, 4.9% of the company's stock are short sold.

BitMine Immersion Technologies Trading Up 13.9%

Shares of NYSEAMERICAN BMNR traded up $2.85 during mid-day trading on Monday, reaching $23.39. The company had a trading volume of 73,581,874 shares, compared to its average volume of 39,534,136. The firm has a 50 day simple moving average of $23.98 and a two-hundred day simple moving average of $35.89. BitMine Immersion Technologies has a 52-week low of $3.20 and a 52-week high of $161.00.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR - Get Free Report) last announced its quarterly earnings results on Tuesday, January 13th. The company reported ($0.05) earnings per share for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The company had revenue of $2.29 million during the quarter.

Institutional Trading of BitMine Immersion Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. CNB Bank purchased a new position in BitMine Immersion Technologies during the 3rd quarter worth approximately $26,000. Strategic Advocates LLC purchased a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $27,000. Quintet Private Bank Europe S.A. acquired a new stake in shares of BitMine Immersion Technologies in the third quarter valued at approximately $30,000. Guerra Advisors Inc acquired a new stake in shares of BitMine Immersion Technologies in the third quarter valued at approximately $31,000. Finally, Wellington Shields Capital Management LLC purchased a new position in shares of BitMine Immersion Technologies during the third quarter worth approximately $31,000.

Analyst Upgrades and Downgrades

BMNR has been the topic of a number of recent analyst reports. B. Riley Financial dropped their price objective on BitMine Immersion Technologies from $47.00 to $30.00 and set a "buy" rating on the stock in a report on Monday, February 23rd. Cantor Fitzgerald initiated coverage on BitMine Immersion Technologies in a research note on Monday, January 5th. They set an "overweight" rating and a $39.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, BitMine Immersion Technologies currently has an average rating of "Buy" and an average price target of $34.50.

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.

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.