BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Up 6.5% - Still a Buy?

Key Points

• BitMine Immersion Technologies' shares rose by 6.5%, closing at $53.77 after a trading high of $53.89 during mid-day trading.
• Analysts have rated BitMine as a "strong buy", with one firm upgrading its rating recently, while the stock currently holds an average market cap of $14.77 billion.
• Insider transactions were noted, with Director Thomas Jong Lee acquiring 222,222 shares for approximately $999,999, reflecting an increasing confidence in the company's stock.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) shares shot up 6.5% during mid-day trading on Monday . The stock traded as high as $53.89 and last traded at $53.77. 16,544,225 shares were traded during mid-day trading, a decline of 7% from the average session volume of 17,842,617 shares. The stock had previously closed at $50.50.

Analyst Ratings Changes

Separately, ThinkEquity upgraded 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, According to data from MarketBeat.com, BitMine Immersion Technologies currently has an average rating of "Strong Buy".

BitMine Immersion Technologies Stock Performance

The company has a market cap of $14.77 billion and a P/E ratio of -120.22. The company has a 50 day moving average of $47.19.

Insiders Place Their Bets

In other news, Director Thomas Jong Lee acquired 222,222 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were purchased at an average cost of $4.50 per share, with a total value of $999,999.00. Following the acquisition, the director directly owned 222,222 shares in the company, valued at $999,999. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link.

Institutional Trading of BitMine Immersion Technologies

Several institutional investors and hedge funds have recently modified their holdings of BMNR. Sassicaia Capital Advisers LLC bought a new position in shares of BitMine Immersion Technologies during the second quarter worth about $1,570,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of BitMine Immersion Technologies during the second quarter worth about $508,000. Marex Group plc bought a new position in shares of BitMine Immersion Technologies during the second quarter worth about $465,000. XTX Topco Ltd bought a new position in shares of BitMine Immersion Technologies during the second quarter worth about $374,000. Finally, Lauer Wealth LLC bought a new position in shares of BitMine Immersion Technologies during the second quarter worth about $363,000.

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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