BitMine Immersion Technologies, Inc. (NYSE:BMNR) Sees Significant Decline in Short Interest

Key Points

• Short interest fell 25.3% to 27,421,901 shares as of April 15 (about 5.1% of shares sold short) and the short-interest ratio is only 0.6 days based on average volume.
• The stock traded down 3.7% to $20.69, carries a market cap of $11.12 billion, reported a ($0.08) EPS on $11.04 million in quarterly revenue, and has shown extreme 1‑year volatility (low $3.20, high $161.00).
• Institutions have added new stakes while analysts are mixed—MarketBeat shows a consensus of "Moderate Buy" with an average target of $34.50, though ratings range from a sell to a strong-buy.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) saw a large decline in short interest during the month of April. As of April 15th, there was short interest totaling 27,421,901 shares, a decline of 25.3% from the March 31st total of 36,705,677 shares. Approximately 5.1% of the company's shares are sold short. Based on an average trading volume of 42,659,534 shares, the short-interest ratio is currently 0.6 days.

Institutional Trading of BitMine Immersion Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in BMNR. Farther Finance Advisors LLC acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth $660,000. World Investment Advisors acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth $352,000. CWM LLC acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth $199,000. HBK Sorce Advisory LLC acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth $176,000. Finally, Perigon Wealth Management LLC acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth $306,000.

BitMine Immersion Technologies Stock Down 3.7%

Shares of BMNR stock traded down $0.79 on Wednesday, reaching $20.69. 32,140,949 shares of the stock were exchanged, compared to its average volume of 44,499,250. The stock has a market cap of $11.12 billion and a P/E ratio of -159.14. The firm has a 50 day moving average of $20.83 and a two-hundred day moving average of $29.16. BitMine Immersion Technologies has a 1-year low of $3.20 and a 1-year high of $161.00.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last released its quarterly earnings data on Tuesday, April 14th. The company reported ($0.08) EPS for the quarter. The firm had revenue of $11.04 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 5.59% and a negative net margin of 51,892.77%. On average, equities research analysts predict that BitMine Immersion Technologies will post 0.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BMNR. Weiss Ratings began coverage on BitMine Immersion Technologies in a report on Friday, April 17th. They issued a "sell (d-)" rating for the company. B. Riley Financial cut their price target on BitMine Immersion Technologies from $47.00 to $30.00 and set a "buy" rating for the company in a report on Monday, February 23rd. Finally, Cantor Fitzgerald upgraded BitMine Immersion Technologies to a "strong-buy" rating in a report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $34.50.

BitMine Immersion Technologies Company Profile

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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