BitMine Immersion Technologies (NYSE:BMNR) Price Target Cut to $25.00 by Analysts at B. Riley Financial

Key Points

• B. Riley Financial cut its price target on BitMine Immersion Technologies to $25 from $33, while keeping a buy rating. The new target still implies about 59.7% upside from the prior close.
• Other analysts are mixed: Cantor Fitzgerald lowered its target to $30.30 with an overweight rating, while Weiss Ratings initiated coverage with a sell (d-) rating. MarketBeat says the stock currently has a Moderate Buy consensus and an average price target of $27.65.
• BMNR shares were trading around $15.65, down 0.9% on the day, and the company recently reported a quarterly loss of ($128.25) EPS on $46.53 million in revenue. The stock has seen heavy institutional activity, with several hedge funds and major investors significantly increasing their holdings.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) had its price target reduced by equities research analysts at B. Riley Financial from $33.00 to $25.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley Financial's price target would indicate a potential upside of 59.73% from the company's previous close.

Other equities research analysts also recently issued research reports about the company. Cantor Fitzgerald lowered their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating on the stock in a research report on Wednesday, July 1st. Weiss Ratings started coverage on BitMine Immersion Technologies in a research note on Friday, April 17th. They issued a "sell (d-)" rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $27.65.

BitMine Immersion Technologies Trading Down 0.9%

Shares of NYSE BMNR traded down $0.14 during mid-day trading on Thursday, hitting $15.65. The company had a trading volume of 17,476,748 shares, compared to its average volume of 41,683,250. BitMine Immersion Technologies has a 1 year low of $12.80 and a 1 year high of $71.74. The company has a market capitalization of $8.91 billion and a price-to-earnings ratio of -120.42. The stock's 50-day moving average price is $17.13 and its 200-day moving average price is $21.14.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. The firm had revenue of $46.53 million during the quarter. BitMine Immersion Technologies had a positive return on equity of 3.49% and a negative net margin of 14,306.56%. As a group, equities research analysts forecast that BitMine Immersion Technologies will post 0.29 earnings per share for the current year.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of BMNR. Marex Group plc boosted its stake in BitMine Immersion Technologies by 560.1% in the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company's stock worth $272,154,000 after buying an additional 8,505,421 shares in the last quarter. Weiss Asset Management LP lifted its holdings in shares of BitMine Immersion Technologies by 363.6% in the 1st quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company's stock worth $85,614,000 after acquiring an additional 3,394,677 shares during the last quarter. Mozayyx Management LLC purchased a new stake in shares of BitMine Immersion Technologies in the 4th quarter valued at $90,500,000. Morgan Stanley boosted its stake in shares of BitMine Immersion Technologies by 25.8% in the 4th quarter. Morgan Stanley now owns 12,197,071 shares of the company's stock valued at $331,151,000 after purchasing an additional 2,500,368 shares in the last quarter. Finally, Pantera Capital Partners LP bought a new position in shares of BitMine Immersion Technologies during the 3rd quarter valued at $122,036,000.

About BitMine Immersion Technologies

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.