BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up - Here's What Happened

Key Points

• BitMine Immersion Technologies stock gapped up prior to trading on Wednesday, opening at $54.17 after closing at $51.93, with a trading volume of 9,795,716 shares.
• Analyst upgrades have continued, with ThinkEquity raising the stock's rating to "strong-buy," contributing to a consensus "Strong Buy" rating across analysts.
• Recent insider activity includes the company's director, Thomas Jong Lee, acquiring 222,222 shares at $4.50 each, significantly increasing his stake in BitMine Immersion Technologies.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $51.93, but opened at $54.17. BitMine Immersion Technologies shares last traded at $53.74, with a volume of 9,795,716 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, ThinkEquity upgraded shares of BitMine Immersion Technologies to a "strong-buy" rating in a report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Strong Buy".

BitMine Immersion Technologies Stock Up 3.3%

The company has a market capitalization of $14.99 billion and a PE ratio of -122.28. The stock's 50-day simple moving average is $47.69.

Insider Buying and Selling

In other BitMine Immersion Technologies news, Director Thomas Jong Lee acquired 222,222 shares of the company's stock in a transaction on Wednesday, July 9th. The shares were bought at an average cost of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the purchase, the director owned 222,222 shares in the company, valued at $999,999. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BMNR. XTX Topco Ltd purchased a new position in BitMine Immersion Technologies during the second quarter worth about $374,000. Lauer Wealth LLC purchased a new position in BitMine Immersion Technologies during the second quarter worth about $363,000. Skandinaviska Enskilda Banken AB publ purchased a new position in BitMine Immersion Technologies during the second quarter worth about $508,000. Sassicaia Capital Advisers LLC purchased a new position in BitMine Immersion Technologies during the second quarter worth about $1,570,000. Finally, Marex Group plc purchased a new position in BitMine Immersion Technologies during the second quarter worth about $465,000.

About BitMine Immersion Technologies

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

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