BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up - Still a Buy?

Key Points

• Shares gapped up premarket—opening at $43.41 after a $40.23 close and last trading near $42.25 on heavy volume (about 11.28 million shares).
• Analysts are broadly positive: B. Riley initiated coverage with a Buy and $90 target, ThinkEquity rates it Strong Buy, Zacks is at Hold, leaving an overall average rating of Buy and an average target of $90.
• BitMine is a bitcoin-mining company using immersion technology, with a market cap of $11.58 billion, a negative P/E (-94.11), and a 50-day moving average of $50.64.

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $40.23, but opened at $43.41. BitMine Immersion Technologies shares last traded at $42.2480, with a volume of 11,279,870 shares.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BMNR. B. Riley started coverage on shares of BitMine Immersion Technologies in a report on Wednesday, October 15th. They issued a "buy" rating and a $90.00 target price on the stock. Zacks Research raised BitMine Immersion Technologies to a "hold" rating in a research report on Friday, October 17th. Finally, ThinkEquity raised shares of BitMine Immersion Technologies to a "strong-buy" rating in a research report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, BitMine Immersion Technologies currently has an average rating of "Buy" and an average target price of $90.00.

BitMine Immersion Technologies Stock Up 2.9%

The stock has a market cap of $11.58 billion and a price-to-earnings ratio of -94.11. The business has a fifty day moving average price of $50.64.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. CNB Bank acquired a new position in BitMine Immersion Technologies during the 3rd quarter worth approximately $26,000. Quintet Private Bank Europe S.A. acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at about $30,000. Guerra Advisors Inc acquired a new position in BitMine Immersion Technologies in the third quarter worth about $31,000. Wellington Shields Capital Management LLC acquired a new stake in BitMine Immersion Technologies during the third quarter valued at approximately $31,000. Finally, HM Payson & Co. bought a new position in BitMine Immersion Technologies during the 3rd quarter worth approximately $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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