BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Up - Here's What Happened

Key Points

• BMNR shares jumped 10%, opening at $16.71 versus a previous close of $15.79 and later trading at $17.78 on volume of more than 12.6 million shares.
• Analyst views remain mixed: the consensus rating is “Moderate Buy” with an average price target of $27.65, although recent targets were reduced and Weiss Ratings reiterated a “sell” rating.
• The company reported a quarterly loss of $128.25 per share on $46.53 million in revenue, while institutional investors—including Morgan Stanley and Marex Group—substantially increased their holdings.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $15.79, but opened at $16.71. BitMine Immersion Technologies shares last traded at $17.78, with a volume of 12,645,312 shares trading hands.

Wall Street Analyst Weigh In

BMNR has been the subject of several research analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Cantor Fitzgerald dropped their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating on the stock in a report on Wednesday, July 1st. Finally, B. Riley Financial cut their price objective on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a "buy" rating on the stock in a research report on Thursday, July 16th. One equities research analyst has 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 company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.65.

BitMine Immersion Technologies Stock Up 10.0%

The business has a fifty day moving average of $16.39 and a 200 day moving average of $20.51. The firm has a market cap of $10.47 billion and a P/E ratio of 348.18.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. The business had revenue of $46.53 million during the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. Research analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Institutional investors have recently made changes to their positions in the company. Marex Group plc lifted its holdings in BitMine Immersion Technologies by 560.1% during the 4th quarter. Marex Group plc now owns 10,024,103 shares of the company's stock worth $272,154,000 after purchasing an additional 8,505,421 shares during the last quarter. Weiss Asset Management LP grew its holdings in 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 valued at $85,614,000 after buying an additional 3,394,677 shares in the last quarter. Mozayyx Management LLC acquired a new position in BitMine Immersion Technologies in the 4th quarter valued at $90,500,000. Morgan Stanley increased its position in BitMine Immersion Technologies by 25.8% during the 4th quarter. Morgan Stanley now owns 12,197,071 shares of the company's stock worth $331,151,000 after buying an additional 2,500,368 shares during the period. Finally, Pantera Capital Partners LP acquired a new stake in shares of BitMine Immersion Technologies during the third quarter worth $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.

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