BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Up 5.1% - What's Next?

Key Points

• BitMine Immersion Technologies' stock rose by 5.1%, reaching a last traded price of $59.96 on Thursday, significantly above its prior close of $57.07.
• ThinkEquity upgraded BitMine's rating to "strong-buy", with Wall Street analysts generally optimistic about the company's future growth prospects.
• Insider Thomas Jong Lee purchased 222,222 shares at $4.50 each, demonstrating confidence in the company's potential after the transaction increased his ownership stake significantly.

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) rose 5.1% during trading on Thursday . The company traded as high as $63.53 and last traded at $59.96. Approximately 64,614,419 shares changed hands during trading, an increase of 43% from the average daily volume of 45,038,508 shares. The stock had previously closed at $57.07.

Wall Street Analysts Forecast Growth

Separately, ThinkEquity raised shares of BitMine Immersion Technologies to a "strong-buy" rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company currently has an average rating of "Strong Buy".

BitMine Immersion Technologies Price Performance

The company has a 50 day moving average of $46.44. The company has a market cap of $236.93 million and a PE ratio of -125.22.

Insider Activity

In other BitMine Immersion Technologies news, Director Thomas Jong Lee purchased 222,222 shares of BitMine Immersion Technologies stock in a transaction dated Wednesday, July 9th. The stock was purchased at an average price of $4.50 per share, with a total value of $999,999.00. Following the transaction, the director directly owned 222,222 shares of the company's stock, valued at $999,999. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional Trading of BitMine Immersion Technologies

Hedge funds have recently bought and sold shares of the stock. Sassicaia Capital Advisers LLC bought a new position in shares of BitMine Immersion Technologies in the second quarter worth about $1,570,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of BitMine Immersion Technologies during the 2nd quarter valued at $508,000. Marex Group plc purchased a new position in shares of BitMine Immersion Technologies during the 2nd quarter valued at $465,000. XTX Topco Ltd bought a new position in BitMine Immersion Technologies in the 2nd quarter worth $374,000. Finally, Lauer Wealth LLC purchased a new stake in BitMine Immersion Technologies in the 2nd quarter worth $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.