Assenagon Asset Management S.A. Makes New $13.45 Million Investment in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• Assenagon Asset Management acquired 508,752 BitMine Immersion Technologies shares in the third quarter, investing approximately $13.45 million for a 0.08% stake.
• Several institutional investors also increased or initiated positions in BMNR, including Weiss Asset Management, Bank of New York Mellon, and CalPERS.
• Analyst sentiment is mixed: BMNR has a consensus rating of “Hold” and an average price target of $48.80, while the stock recently opened at $21.60 and has traded between $12.80 and $55.19 over the past year.

Assenagon Asset Management S.A. purchased a new stake in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 508,752 shares of the company's stock, valued at approximately $13,446,000. Assenagon Asset Management S.A. owned about 0.08% of BitMine Immersion Technologies at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BMNR. Weiss Asset Management LP boosted its holdings in shares of BitMine Immersion Technologies by 363.6% during the 1st quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company's stock worth $85,614,000 after buying an additional 3,394,677 shares during the period. Bank of New York Mellon Corp bought a new position in BitMine Immersion Technologies in the 2nd quarter valued at about $20,069,000. California Public Employees Retirement System bought a new position in BitMine Immersion Technologies in the 1st quarter valued at about $14,072,000. Strong Tower Advisory Services lifted its position in BitMine Immersion Technologies by 11.5% during the first quarter. Strong Tower Advisory Services now owns 561,699 shares of the company's stock worth $11,110,000 after acquiring an additional 57,803 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in BitMine Immersion Technologies by 90.2% during the first quarter. SG Americas Securities LLC now owns 495,356 shares of the company's stock worth $9,798,000 after acquiring an additional 234,934 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on BMNR shares. B. Riley Financial boosted their price objective on BitMine Immersion Technologies from $30.00 to $34.00 and gave the stock a "buy" rating in a report on Tuesday, September 22nd. Wall Street Zen upgraded BitMine Immersion Technologies from a "strong sell" rating to a "sell" rating in a research note on Saturday, October 10th. Weiss Ratings restated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 13th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of BitMine Immersion Technologies in a report on Tuesday, October 6th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $48.80.

BitMine Immersion Technologies Price Performance

Shares of NYSE:BMNR opened at $21.60 on Tuesday. BitMine Immersion Technologies, Inc. has a 1 year low of $12.80 and a 1 year high of $55.19. The stock has a market capitalization of $13.03 billion, a price-to-earnings ratio of 431.96 and a beta of 1.52. The company's 50 day simple moving average is $24.02 and its 200 day simple moving average is $20.32.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc is a digital asset technology company focused on cryptocurrency mining and digital asset treasury operations. The company has developed expertise in immersion-cooling systems designed to improve the efficiency and operating environment of high-performance computing equipment used in cryptocurrency mining.

In addition to its mining-related activities, BitMine has pursued a strategy centered on acquiring and holding digital assets, including Ethereum. Its business may also include cryptocurrency mining, data-center operations, and related infrastructure and services.

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