Amova Asset Management Americas Inc. Takes Position in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• Amova Asset Management Americas purchased 3,781,818 shares of BitMine Immersion Technologies valued at about $196.5 million, representing roughly 1.35% ownership of the company and about 1.9% of Amova's portfolio (its 14th largest holding).
• Other institutions have also moved in—most notably ARK Investment adding a new position worth about $387.9 million—signaling rising institutional interest in the stock.
• Market snapshot: shares were up 7.9% (opened $21.12) with a 12‑month range of $3.20–$161.00; analysts have a consensus "Buy" rating and a $34.50 price target, while the latest quarter showed EPS of ($0.05) on $2.29 million in revenue.

Amova Asset Management Americas Inc. bought a new position in shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm bought 3,781,818 shares of the company's stock, valued at approximately $196,503,000. BitMine Immersion Technologies makes up approximately 1.9% of Amova Asset Management Americas Inc.'s investment portfolio, making the stock its 14th biggest position. Amova Asset Management Americas Inc. owned approximately 1.35% of BitMine Immersion Technologies at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Reyes Financial Architecture Inc. acquired a new position in BitMine Immersion Technologies in the third quarter valued at about $74,000. ARK Investment Management LLC acquired a new position in shares of BitMine Immersion Technologies in the 3rd quarter worth approximately $387,907,000. Insigneo Advisory Services LLC bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $1,569,000. Cresset Asset Management LLC acquired a new stake in BitMine Immersion Technologies during the 3rd quarter valued at $703,000. Finally, CI Investments Inc. bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at $171,000.

BitMine Immersion Technologies Trading Up 7.9%

Shares of BitMine Immersion Technologies stock opened at $21.12 on Thursday. BitMine Immersion Technologies, Inc. has a 12-month low of $3.20 and a 12-month high of $161.00. The firm's 50-day moving average price is $25.31 and its two-hundred day moving average price is $37.61.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR - Get Free Report) last released its earnings results on Tuesday, January 13th. The company reported ($0.05) earnings per share for the quarter. BitMine Immersion Technologies had a positive return on equity of 7.89% and a negative net margin of 67,546.19%.The business had revenue of $2.29 million for the quarter.

Analyst Ratings Changes

Several analysts have recently commented on BMNR shares. Cantor Fitzgerald assumed coverage on BitMine Immersion Technologies in a report on Monday, January 5th. They set an "overweight" rating and a $39.00 target price on the stock. B. Riley Financial decreased their price objective on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a "buy" rating on the stock in a report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, BitMine Immersion Technologies presently has a consensus rating of "Buy" and a consensus price target of $34.50.

BitMine Immersion Technologies 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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