BitMine Immersion Technologies Target of Unusually High Options Trading (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 on Friday. Investors purchased 263,438 call options on the stock. This represents an increase of approximately 40% compared to the average daily volume of 187,759 call options.

BitMine Immersion Technologies Stock Up 13.0%

Shares of NYSEAMERICAN BMNR traded up $6.20 during midday trading on Friday, reaching $53.99. 55,354,794 shares of the stock were exchanged, compared to its average volume of 15,477,019. The firm has a 50 day moving average of $44.61. The stock has a market cap of $232.16 million and a PE ratio of -122.70. BitMine Immersion Technologies has a twelve month low of $1.93 and a twelve month high of $161.00.

Insider Activity

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

Institutional Trading of BitMine Immersion Technologies

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

Analyst Upgrades and Downgrades

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

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.

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