BitMine Immersion Technologies, Inc. $BMNR Shares Purchased by Weiss Asset Management LP

Key Points

• Weiss Asset Management LP boosted its stake in BitMine Immersion Technologies by 363.6% in the first quarter, buying 3.39 million additional shares and bringing its total to 4.33 million shares worth about $85.6 million.
• BitMine stock fell 4.6% and recently traded at $15.82, well below its 200-day average of $20.60 and far under its 52-week high of $71.74.
• The company reported a large quarterly loss of ($128.25) per share on revenue of $46.53 million, while analysts currently view the stock as a Moderate Buy with an average target price of $27.65.

Weiss Asset Management LP increased its stake in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) by 363.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,328,294 shares of the company's stock after buying an additional 3,394,677 shares during the quarter. BitMine Immersion Technologies comprises 1.5% of Weiss Asset Management LP's holdings, making the stock its 10th largest position. Weiss Asset Management LP owned 0.76% of BitMine Immersion Technologies worth $85,614,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. State of Michigan Retirement System boosted its position in shares of BitMine Immersion Technologies by 141.7% during the 4th quarter. State of Michigan Retirement System now owns 145,000 shares of the company's stock valued at $3,937,000 after acquiring an additional 85,000 shares during the last quarter. Blue Sky Capital Consultants Group Inc. grew its holdings in shares of BitMine Immersion Technologies by 340.5% in the fourth quarter. Blue Sky Capital Consultants Group Inc. now owns 95,799 shares of the company's stock valued at $2,601,000 after purchasing an additional 74,052 shares during the period. Strong Tower Advisory Services increased its position in BitMine Immersion Technologies by 82.3% during the fourth quarter. Strong Tower Advisory Services now owns 503,896 shares of the company's stock worth $13,681,000 after purchasing an additional 227,484 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in BitMine Immersion Technologies by 29.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company's stock worth $133,475,000 after purchasing an additional 1,131,556 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its position in BitMine Immersion Technologies by 57.1% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 220,000 shares of the company's stock worth $5,973,000 after purchasing an additional 80,000 shares during the last quarter.

BitMine Immersion Technologies Trading Down 4.6%

NYSE BMNR opened at $15.82 on Friday. The stock has a fifty day simple moving average of $16.39 and a 200-day simple moving average of $20.60. The stock has a market cap of $9.54 billion and a PE ratio of 316.44. BitMine Immersion Technologies, Inc. has a twelve month low of $12.80 and a twelve month high of $71.74.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%.The company had revenue of $46.53 million during the quarter. Research analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Analyst Ratings Changes

BMNR has been the topic of several recent analyst reports. 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 report on Thursday, July 16th. Cantor Fitzgerald cut their price target on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating for the company in a report on Wednesday, July 1st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $27.65.

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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