BitMine Immersion Technologies, Inc. $BMNR Shares Newly Acquired by Fulcrum Asset Management LLP

Key Points

• Fulcrum Asset Management initiated a position in BitMine Immersion Technologies, buying 186,157 shares worth about $4.98 million in the third quarter.
• Other institutions also reported notable BMNR purchases, including new positions by Assenagon Asset Management, while Commonwealth Equity Services nearly doubled its stake.
• Analyst views are mixed: MarketBeat reports a consensus Hold rating and $48.80 average price target, with two Buy ratings and one Sell rating.

Fulcrum Asset Management LLP bought a new stake in BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 186,157 shares of the company's stock, valued at approximately $4,976,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BMNR. Weiss Asset Management LP grew its holdings in shares of BitMine Immersion Technologies by 363.6% during the first 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 in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of BitMine Immersion Technologies in the second quarter valued at approximately $20,069,000. California Public Employees Retirement System purchased a new position in shares of BitMine Immersion Technologies during the first quarter valued at approximately $14,072,000. Assenagon Asset Management S.A. purchased a new position in shares of BitMine Immersion Technologies during the third quarter valued at approximately $13,446,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of BitMine Immersion Technologies by 98.4% during the third quarter. Commonwealth Equity Services LLC now owns 616,063 shares of the company's stock valued at $16,283,000 after buying an additional 305,539 shares during the period.

Analyst Upgrades and Downgrades

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

BitMine Immersion Technologies Stock Down 0.7%

Shares of BMNR stock opened at $18.64 on Tuesday. BitMine Immersion Technologies, Inc. has a one year low of $12.80 and a one year high of $43.77. The company has a 50 day moving average price of $23.90 and a 200 day moving average price of $20.71.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies is a digital-asset company whose business has included Bitcoin mining and immersion-cooling technology. Immersion cooling uses liquid to manage the heat generated by computing equipment and can support the operation of mining hardware.

The company has shifted its strategic focus toward acquiring and holding Ether as a treasury asset. Its history in Bitcoin mining and cooling technology provides context for its involvement in digital-asset infrastructure, while its current strategy centers on Ether.

Thomas “Tom” Lee, an investment strategist and Fundstrat co-founder, has served as the company's chairman.

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