BitMine Immersion Technologies, Inc. (NYSE:BMNR) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus is “Moderate Buy,” with two buy ratings, one strong buy, one hold and one sell. The average 12-month price target is $30.15.
• Recent analyst actions were mixed: Cantor Fitzgerald lowered its target to $30.30, B. Riley raised its target to $30, while Weiss Ratings maintained a sell rating and Wall Street Zen downgraded the stock to “strong sell.”
• BMNR opened at $24.93, with a $15.04 billion market capitalization, after reporting a quarterly loss of $128.25 per share on $46.53 million in revenue. Several institutional investors, including Jefferies and Rhumbline Advisers, recently initiated stakes.

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) have received an average rating of "Moderate Buy" from the five ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $30.15.

Several research firms recently commented on BMNR. Weiss Ratings reiterated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Cantor Fitzgerald cut their price target on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating on the stock in a report on Wednesday, July 1st. B Riley reiterated a "buy" rating on shares of BitMine Immersion Technologies in a report on Thursday. B. Riley Financial boosted their target price on BitMine Immersion Technologies from $25.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Finally, Wall Street Zen cut BitMine Immersion Technologies from a "sell" rating to a "strong sell" rating in a research note on Tuesday.

Hedge Funds Weigh In On BitMine Immersion Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers purchased a new stake in shares of BitMine Immersion Technologies during the third quarter worth about $305,000. Blair William & Co. IL acquired a new stake in BitMine Immersion Technologies in the 3rd quarter worth about $444,000. CreativeOne Wealth LLC acquired a new stake in BitMine Immersion Technologies in the 3rd quarter worth about $282,000. Jefferies Financial Group Inc. purchased a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $508,000. Finally, Banque Cantonale Vaudoise purchased a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $56,000.

BitMine Immersion Technologies Trading Down 0.2%

BMNR opened at $24.93 on Tuesday. The firm has a market cap of $15.04 billion, a price-to-earnings ratio of 498.60 and a beta of 1.61. BitMine Immersion Technologies has a 12 month low of $12.80 and a 12 month high of $65.60. The stock has a fifty day moving average price of $18.71 and a 200-day moving average price of $19.32.

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