96,341 Shares in BitMine Immersion Technologies, Inc. $BMNR Acquired by Entropy Technologies LP

Key Points

• Entropy Technologies LP acquired 96,341 BMNR shares during the first quarter, valued at approximately $1.91 million. Several other institutional investors also increased their positions, including Sumitomo Mitsui Trust Group, which held nearly 4.92 million shares.
• Analyst sentiment remains mixed but leans positive: BMNR carries a “Moderate Buy” consensus rating with an average price target of $27.65, although B. Riley and Cantor Fitzgerald recently cut their price targets.
• BMNR shares opened at $15.82, well below their 52-week high of $71.74. The company reported a quarterly loss of $128.25 per share on $46.53 million in revenue and posted an exceptionally negative net margin.

Entropy Technologies LP acquired a new position in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 96,341 shares of the company's stock, valued at approximately $1,906,000.

A number of other institutional investors also recently bought and sold shares of BMNR. State of Michigan Retirement System raised its holdings in BitMine Immersion Technologies by 141.7% in the 4th quarter. State of Michigan Retirement System now owns 145,000 shares of the company's stock valued at $3,937,000 after acquiring an additional 85,000 shares during the last quarter. Blue Sky Capital Consultants Group Inc. boosted its holdings in shares of BitMine Immersion Technologies by 340.5% during the fourth quarter. Blue Sky Capital Consultants Group Inc. now owns 95,799 shares of the company's stock worth $2,601,000 after purchasing an additional 74,052 shares during the last quarter. Strong Tower Advisory Services boosted its holdings in shares of BitMine Immersion Technologies by 82.3% during the fourth quarter. Strong Tower Advisory Services now owns 503,896 shares of the company's stock worth $13,681,000 after purchasing an additional 227,484 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of BitMine Immersion Technologies by 29.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company's stock valued at $133,475,000 after purchasing an additional 1,131,556 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of BitMine Immersion Technologies by 57.1% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 220,000 shares of the company's stock valued at $5,973,000 after purchasing an additional 80,000 shares during the period.

Analyst Ratings Changes

Several research firms recently weighed in on BMNR. Weiss Ratings reiterated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. B. Riley Financial lowered their price target on BitMine Immersion Technologies from $33.00 to $25.00 and set a "buy" rating for the company in a report on Thursday, July 16th. Finally, Cantor Fitzgerald dropped their price objective on shares of 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. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $27.65.

BitMine Immersion Technologies Trading Up 0.2%

Shares of BMNR stock opened at $15.82 on Monday. The company has a market cap of $9.54 billion and a PE ratio of 316.44. The company's fifty day simple moving average is $16.39 and its 200-day simple moving average is $20.51. BitMine Immersion Technologies, Inc. has a 52 week low of $12.80 and a 52 week high of $71.74.

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

About BitMine Immersion Technologies

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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