Bank of New York Mellon Corp Boosts Stock Holdings in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• Bank of New York Mellon increased its BMNR stake by 36% in the first quarter, adding 91,701 shares to own 346,451 shares valued at approximately $6.85 million. Several other institutional investors also increased or initiated positions.
• BMNR shares opened at $17.45, up 1.0%, with a $10.53 billion market capitalization. The stock has traded between $12.80 and $71.74 over the past year and carries a high P/E ratio of 349.10.
• Analyst sentiment is mixed but leans moderately bullish, with a consensus “Moderate Buy” rating and a $27.65 price target. Recent targets were reduced, while the company reported a quarterly loss of $128.25 per share on $46.53 million in revenue.

Bank of New York Mellon Corp grew its stake in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) by 36.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 346,451 shares of the company's stock after buying an additional 91,701 shares during the quarter. Bank of New York Mellon Corp owned 0.06% of BitMine Immersion Technologies worth $6,853,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of BMNR. Milestone Asset Management LLC lifted its stake in shares of BitMine Immersion Technologies by 5.6% in the 4th quarter. Milestone Asset Management LLC now owns 8,185 shares of the company's stock valued at $222,000 after acquiring an additional 432 shares during the last quarter. Certuity LLC grew its position in BitMine Immersion Technologies by 0.3% during the 4th quarter. Certuity LLC now owns 180,707 shares of the company's stock worth $4,906,000 after acquiring an additional 552 shares during the last quarter. Kingsview Wealth Management LLC grew its position in BitMine Immersion Technologies by 4.8% during the 4th quarter. Kingsview Wealth Management LLC now owns 15,467 shares of the company's stock worth $420,000 after acquiring an additional 711 shares during the last quarter. Larson Financial Group LLC bought a new position in BitMine Immersion Technologies during the 3rd quarter worth approximately $37,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in BitMine Immersion Technologies in the 3rd quarter worth approximately $38,000.

BitMine Immersion Technologies Trading Up 1.0%

Shares of BitMine Immersion Technologies stock opened at $17.45 on Tuesday. BitMine Immersion Technologies, Inc. has a 12-month low of $12.80 and a 12-month high of $71.74. The company has a market cap of $10.53 billion, a P/E ratio of 349.10 and a beta of 1.28. The company's fifty day simple moving average is $16.21 and its two-hundred day simple moving average is $19.94.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. The company 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%. Analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BMNR shares. Cantor Fitzgerald lowered their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Weiss Ratings restated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Finally, B. Riley Financial decreased their target price on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a "buy" rating on the stock in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, BitMine Immersion Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $27.65.

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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