BitMine Immersion Technologies Sees Unusually High Options Volume (NYSEAMERICAN:BMNR)

Key Points

• BitMine Immersion Technologies experienced unusually high options trading, with 263,438 call options purchased, reflecting a 40% increase from the average daily volume.
• The company's stock price surged 13% to $53.99, significantly higher than its average trading volume.
• In a notable insider transaction, Director Thomas Jong Lee bought 222,222 shares at an average price of $4.50 each, increasing his ownership by a substantial amount.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) was the target of some unusual options trading activity on Friday. Investors acquired 263,438 call options on the stock. This represents an increase of 40% compared to the average volume of 187,759 call options.

BitMine Immersion Technologies Stock Performance

Shares of NYSEAMERICAN BMNR traded up $2.82 during midday trading on Tuesday, reaching $55.93. The stock had a trading volume of 52,269,624 shares, compared to its average volume of 16,008,858. The company has a market cap of $240.50 million and a price-to-earnings ratio of -127.11. BitMine Immersion Technologies has a twelve month low of $1.93 and a twelve month high of $161.00. The firm has a 50 day simple moving average of $45.01.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other BitMine Immersion Technologies news, Director Thomas Jong Lee acquired 222,222 shares of the business's stock in a transaction that occurred on Wednesday, July 9th. The shares were acquired at an average cost of $4.50 per share, for a total transaction of $999,999.00. Following the completion of the acquisition, the director directly owned 222,222 shares of the company's stock, valued at approximately $999,999. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BMNR. Sassicaia Capital Advisers LLC acquired a new position in shares of BitMine Immersion Technologies in the 2nd quarter worth approximately $1,570,000. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of BitMine Immersion Technologies during the 2nd quarter valued at $508,000. Marex Group plc acquired a new position in shares of BitMine Immersion Technologies during the 2nd quarter valued at $465,000. XTX Topco Ltd acquired a new position in shares of BitMine Immersion Technologies during the 2nd quarter valued at $374,000. Finally, Lauer Wealth LLC acquired a new position in shares of BitMine Immersion Technologies during the 2nd quarter valued at $363,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.