BitMine Immersion Technologies (NYSE:BMNR) Trading 10.1% Higher - Here's Why

Key Points

• BitMine shares rose 10.1% in mid-day trading to about $20.13, although trading volume was 72% below the stock’s average daily volume.
• Analyst views remain mixed: price targets were reduced by Cantor Fitzgerald and B. Riley, while ratings range from Strong Buy to Sell. The overall consensus is “Moderate Buy” with an average price target of $27.65.
• The company reported a quarterly loss of $128.25 per share on $46.53 million in revenue, alongside a sharply negative net margin. Several institutional investors, including Marex, Morgan Stanley and Weiss Asset Management, recently increased their holdings.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) rose 10.1% during mid-day trading on Wednesday . The company traded as high as $19.48 and last traded at $20.1270. 11,372,766 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 40,021,660 shares. The stock had previously closed at $18.28.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Cantor Fitzgerald cut their target price on 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 reduced 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 note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, BitMine Immersion Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $27.65.

BitMine Immersion Technologies Stock Performance

The business has a 50 day moving average of $16.30 and a 200-day moving average of $19.05. The company has a market capitalization of $12.23 billion, a P/E ratio of 404.36 and a beta of 1.28.

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

Institutional Trading of BitMine Immersion Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. Marex Group plc increased its holdings in BitMine Immersion Technologies by 560.1% during the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company's stock valued at $272,154,000 after buying an additional 8,505,421 shares during the last quarter. Weiss Asset Management LP boosted its stake in shares of BitMine Immersion Technologies by 363.6% in the first 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 period. Mozayyx Management LLC purchased a new stake in BitMine Immersion Technologies during the 4th quarter valued at approximately $90,500,000. Morgan Stanley lifted its stake in BitMine Immersion Technologies by 25.8% in the 4th quarter. Morgan Stanley now owns 12,197,071 shares of the company's stock worth $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 BitMine Immersion Technologies during the third quarter valued at approximately $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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source