BitMine Immersion Technologies (NYSE:BMNR) Trading 10.1% Higher - Should You Buy?

Key Points

• BitMine Immersion Technologies shares rose 10.1% on Tuesday, trading as high as $16.00 after closing at $14.61 the prior session. Trading volume was heavy but still well below its average daily level.
• Analyst sentiment is mixed but still leans positive, with a consensus rating of “Moderate Buy” and an average price target of $30.15. However, Cantor Fitzgerald recently cut its target from $39.00 to $30.30, while Weiss Ratings initiated coverage with a sell rating.
• The company remains deeply unprofitable, posting a quarterly loss of $0.08 per share on $11.04 million in revenue. Its market cap is about $9.2 billion, and analysts expect it to earn $0.29 per share for the current fiscal year.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) shares traded up 10.1% during trading on Tuesday . The company traded as high as $16.00 and last traded at $16.0890. Approximately 7,792,747 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 41,486,926 shares. The stock had previously closed at $14.61.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Cantor Fitzgerald cut their target price on BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating for the company in a research note on Wednesday, July 1st. Weiss Ratings initiated coverage on BitMine Immersion Technologies in a research note on Friday, April 17th. They issued a "sell (d-)" rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $30.15.

BitMine Immersion Technologies Trading Up 10.6%

The firm's fifty day moving average price is $17.40 and its 200 day moving average price is $21.32. The stock has a market capitalization of $9.20 billion and a price-to-earnings ratio of -124.28.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last posted its earnings results on Tuesday, April 14th. The company reported ($0.08) earnings per share for the quarter. The company had revenue of $11.04 million during the quarter. BitMine Immersion Technologies had a negative net margin of 51,892.77% and a positive return on equity of 5.59%. On average, analysts forecast that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers purchased a new position in BitMine Immersion Technologies during the 3rd quarter valued at about $305,000. Blair William & Co. IL purchased a new stake in BitMine Immersion Technologies during the third quarter worth about $444,000. CreativeOne Wealth LLC purchased a new stake in BitMine Immersion Technologies during the third quarter worth about $282,000. Jefferies Financial Group Inc. acquired a new stake in shares of BitMine Immersion Technologies during the third quarter worth about $508,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of BitMine Immersion Technologies in the third quarter valued at approximately $56,000.

BitMine Immersion Technologies Company Profile

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.