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

Key Points

• BitMine Immersion Technologies gapped up Monday—the stock opened at $19.18 after a $18.39 close and last traded near $18.74 on volume of about 7.94 million shares.
• Analyst sentiment is positive overall: Cantor Fitzgerald started coverage with an "Overweight" and $39 price target, B. Riley trimmed its target to $30 but kept a buy, and the consensus rating is "Buy" with an average target of $34.50.
• Recent fundamentals are mixed: the company reported a loss of ($0.05) EPS on $2.29 million in revenue and an unusually large negative net margin, while several institutions have built meaningful positions (including a reported $90.5M stake by Mozayyx Management).

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $18.39, but opened at $19.18. BitMine Immersion Technologies shares last traded at $18.7350, with a volume of 7,935,869 shares.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Cantor Fitzgerald started coverage on shares of BitMine Immersion Technologies in a research report on Monday, January 5th. They set an "overweight" rating and a $39.00 price objective on the stock. B. Riley Financial cut their target price on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $34.50.

BitMine Immersion Technologies Price Performance

The firm has a 50-day moving average price of $22.11 and a 200-day moving average price of $34.44.

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

Institutional Trading of BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. J. Derek Lewis & Associates Inc. bought a new position in shares of BitMine Immersion Technologies in the 4th quarter worth about $1,096,000. World Investment Advisors boosted its stake in BitMine Immersion Technologies by 91.7% during the fourth quarter. World Investment Advisors now owns 12,975 shares of the company's stock worth $352,000 after acquiring an additional 6,206 shares in the last quarter. ARP Global Capital Ltd purchased a new stake in BitMine Immersion Technologies in the fourth quarter worth about $3,429,000. Corient Private Wealth LLC purchased a new stake in BitMine Immersion Technologies in the fourth quarter worth about $1,152,000. Finally, Mozayyx Management LLC bought a new position in shares of BitMine Immersion Technologies during the fourth quarter valued at approximately $90,500,000.

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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