BitMine Immersion Technologies, Inc. $BMNR Shares Purchased by State of Michigan Retirement System

Key Points

• State of Michigan Retirement System boosted its stake in BitMine by 141.7%, buying an additional 85,000 shares to hold 145,000 shares valued at $3.937 million.
• BMNR trades around $21.40 with a market cap of $12.19 billion and a one‑year range of $3.20–$161.00; the company reported a quarterly loss of $0.08 EPS on $11.04 million revenue and has a negative P/E, while analysts have a consensus "Moderate Buy" rating and a target of $34.50.
• BitMine Immersion Technologies develops proprietary immersion cooling systems and turnkey services for digital-asset mining and high‑performance computing.

State of Michigan Retirement System lifted its holdings in BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) by 141.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 145,000 shares of the company's stock after purchasing an additional 85,000 shares during the quarter. State of Michigan Retirement System's holdings in BitMine Immersion Technologies were worth $3,937,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in BMNR. CWM LLC acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth $199,000. HBK Sorce Advisory LLC acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth $176,000. Perigon Wealth Management LLC acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth $306,000. HM Payson & Co. acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth $35,000. Finally, Watershed Private Wealth LLC acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth $232,000.

BitMine Immersion Technologies Stock Performance

Shares of BMNR opened at $21.40 on Friday. The stock has a 50-day moving average of $20.88 and a two-hundred day moving average of $29.05. BitMine Immersion Technologies, Inc. has a one year low of $3.20 and a one year high of $161.00. The stock has a market cap of $12.19 billion and a P/E ratio of -164.65.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The company reported ($0.08) EPS for the quarter. BitMine Immersion Technologies had a positive return on equity of 5.59% and a negative net margin of 51,892.77%.The firm had revenue of $11.04 million for the quarter. Analysts predict that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BMNR. Cantor Fitzgerald raised BitMine Immersion Technologies to a "strong-buy" rating in a research report on Thursday, April 9th. B. Riley Financial lowered their price objective on BitMine Immersion Technologies from $47.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, February 23rd. Finally, Weiss Ratings began coverage on BitMine Immersion Technologies in a research report on Friday, April 17th. They issued a "sell (d-)" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, BitMine Immersion Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $34.50.

About BitMine Immersion Technologies

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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