BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Up 3.4% - Time to Buy?

Key Points

• Share movement: BitMine’s stock rose 3.4% to $32.01 on Tuesday with 15.7M shares traded (down 28% from average); the company has a market cap of about $9.13 billion and a negative P/E of -74.36.
• Analyst view: The consensus rating is a Buy with a $90 average price target after upgrades/coverage from firms including ThinkEquity and B. Riley.
• Business focus: BitMine Immersion Technologies operates in bitcoin mining using immersion cooling, and its stock is trading well below the 50‑day moving average (~$49.92).

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report)'s share price shot up 3.4% on Tuesday . The company traded as high as $32.52 and last traded at $32.01. 15,720,465 shares traded hands during trading, a decline of 28% from the average session volume of 21,880,217 shares. The stock had previously closed at $30.95.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BMNR shares. ThinkEquity raised shares of BitMine Immersion Technologies to a "strong-buy" rating in a research note on Monday, July 21st. Zacks Research raised BitMine Immersion Technologies to a "hold" rating in a report on Friday, October 17th. Finally, B. Riley began coverage on BitMine Immersion Technologies in a report on Wednesday, October 15th. They set a "buy" rating and a $90.00 price target for the company. 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 stock. According to MarketBeat, BitMine Immersion Technologies presently has an average rating of "Buy" and a consensus target price of $90.00.

BitMine Immersion Technologies Stock Up 5.6%

The company has a market cap of $9.13 billion and a P/E ratio of -74.36. The firm has a fifty day simple moving average of $49.92.

Hedge Funds Weigh In On BitMine Immersion Technologies

Several large investors have recently bought and sold shares of BMNR. CNB Bank bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $26,000. Quintet Private Bank Europe S.A. acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth $30,000. Guerra Advisors Inc bought a new stake in shares of BitMine Immersion Technologies in the third quarter worth $31,000. Wellington Shields Capital Management LLC bought a new stake in shares of BitMine Immersion Technologies in the third quarter worth $31,000. Finally, HM Payson & Co. bought a new position in BitMine Immersion Technologies during the 3rd quarter worth $35,000.

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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