BitMine Immersion Technologies, Inc. $BMNR Shares Acquired by NewEdge Advisors LLC

Key Points

• NewEdge Advisors increased its BitMine Immersion Technologies stake by 52.2% in the second quarter, owning 169,649 shares valued at approximately $2.26 million.
• Analyst sentiment is mixed: B. Riley and Cantor Fitzgerald issued bullish ratings and raised price targets, while other firms maintained or moved to bearish ratings. The consensus rating is “Hold” with a $46.80 price target.
• BMNR opened at $23.86, with a market capitalization of $14.39 billion and a 52-week range of $12.80 to $65.60. The company reported a quarterly loss of $128.25 per share despite $46.53 million in revenue.

NewEdge Advisors LLC lifted its stake in BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) by 52.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 169,649 shares of the company's stock after buying an additional 58,214 shares during the quarter. NewEdge Advisors LLC's holdings in BitMine Immersion Technologies were worth $2,258,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Banque Cantonale Vaudoise lifted its holdings in BitMine Immersion Technologies by 72.3% in the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company's stock valued at $37,000 after acquiring an additional 780 shares during the period. Legacy Wealth Managment LLC ID grew its stake in shares of BitMine Immersion Technologies by 40.8% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company's stock worth $39,000 after purchasing an additional 570 shares during the period. IAG Wealth Partners LLC increased its holdings in shares of BitMine Immersion Technologies by 870.4% during the 4th quarter. IAG Wealth Partners LLC now owns 1,737 shares of the company's stock valued at $47,000 after purchasing an additional 1,558 shares in the last quarter. Continuum Advisory LLC acquired a new position in shares of BitMine Immersion Technologies in the 2nd quarter valued at $53,000. Finally, Huntington National Bank acquired a new position in shares of BitMine Immersion Technologies in the 4th quarter valued at $54,000.

Analyst Upgrades and Downgrades

BMNR has been the topic of several analyst reports. B Riley reaffirmed a "buy" rating on shares of BitMine Immersion Technologies in a report on Thursday, September 3rd. Wall Street Zen lowered BitMine Immersion Technologies from a "sell" rating to a "strong sell" rating in a research note on Tuesday, September 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. B. Riley Financial increased their price target on BitMine Immersion Technologies from $25.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Finally, Cantor Fitzgerald raised their price objective on BitMine Immersion Technologies from $30.60 to $63.60 and gave the company an "overweight" rating in a report on Thursday, September 10th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $46.80.

BitMine Immersion Technologies Stock Up 4.6%

BMNR opened at $23.86 on Friday. The company has a market cap of $14.39 billion, a price-to-earnings ratio of 477.12 and a beta of 1.61. BitMine Immersion Technologies, Inc. has a 52-week low of $12.80 and a 52-week high of $65.60. The firm's fifty day simple moving average is $20.27 and its two-hundred day simple moving average is $19.56.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last announced its 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%. On average, research analysts forecast that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.

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