BitMine Immersion Technologies Target of Unusually High Options Trading (NYSE:BMNR)

Key Points

• BMNR call-option activity surged: Investors purchased 181,684 call options, approximately 25% above the stock’s average daily call volume.
• Institutional ownership increased significantly, with Marex Group, Weiss Asset Management and Morgan Stanley among investors expanding their positions, while Mozayyx Management and Pantera Capital opened new stakes.
• The stock rose 9.3% to $19.98, but analyst views remain mixed; the consensus rating is “Moderate Buy” with an average price target of $27.65, despite the company reporting a quarterly loss of $128.25 per share.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) was the target of some unusual options trading activity on Wednesday. Investors acquired 181,684 call options on the company. This is an increase of approximately 25% compared to the average daily volume of 145,316 call options.

Institutional Trading of BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Marex Group plc boosted its stake in shares of 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 acquiring an additional 8,505,421 shares in the last quarter. Weiss Asset Management LP raised its position in shares of BitMine Immersion Technologies by 363.6% during the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company's stock worth $85,614,000 after purchasing an additional 3,394,677 shares during the period. Mozayyx Management LLC purchased a new stake in shares of BitMine Immersion Technologies during the fourth quarter valued at $90,500,000. Morgan Stanley boosted its position in shares of BitMine Immersion Technologies by 25.8% in the 4th quarter. Morgan Stanley now owns 12,197,071 shares of the company's stock valued at $331,151,000 after purchasing an additional 2,500,368 shares during the period. Finally, Pantera Capital Partners LP acquired a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at $122,036,000.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Cantor Fitzgerald cut their price target 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 lowered their price objective on BitMine Immersion Technologies from $33.00 to $25.00 and set a "buy" rating for the company in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $27.65.

BitMine Immersion Technologies Stock Up 9.3%

BMNR stock traded up $1.70 during trading on Wednesday, reaching $19.98. 48,937,733 shares of the company's stock were exchanged, compared to its average volume of 40,279,188. The firm has a market cap of $12.05 billion, a PE ratio of 400.12 and a beta of 1.28. BitMine Immersion Technologies has a 1-year low of $12.80 and a 1-year high of $65.60. The company's fifty day moving average price is $16.30 and its 200-day moving average price is $19.05.

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

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.

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