BitMine Immersion Technologies, Inc. $BMNR Shares Sold by MADDEN SECURITIES Corp

Key Points

• MADDEN SECURITIES Corp cut its BitMine Immersion Technologies stake by 79.9% in the fourth quarter, selling 70,101 shares and leaving it with 17,629 shares worth about $479,000.
• Other institutions were active in BMNR, including large new or expanded positions from ARK Investment Management, Sumitomo Mitsui Trust Group, Vanguard, Amova Asset Management Americas, and Pantera Capital.
• BitMine shares were trading around $22.10 as the company posted a recent quarterly loss of $0.08 per share on $11.04 million in revenue, while analysts still hold a consensus Moderate Buy rating with an average target price of $34.50.

MADDEN SECURITIES Corp decreased its position in BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) by 79.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,629 shares of the company's stock after selling 70,101 shares during the quarter. MADDEN SECURITIES Corp's holdings in BitMine Immersion Technologies were worth $479,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. ARK Investment Management LLC acquired a new stake in shares of BitMine Immersion Technologies in the third quarter valued at $387,907,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of 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 period. Vanguard Group Inc. raised its position in shares of BitMine Immersion Technologies by 65.7% during the fourth quarter. Vanguard Group Inc. now owns 4,742,559 shares of the company's stock worth $128,760,000 after purchasing an additional 1,880,793 shares during the period. Amova Asset Management Americas Inc. acquired a new stake in shares of BitMine Immersion Technologies during the third quarter worth $196,503,000. Finally, Pantera Capital Partners LP acquired a new stake in shares of BitMine Immersion Technologies during the third quarter worth $122,036,000.

BitMine Immersion Technologies Trading Down 0.3%

NYSE:BMNR opened at $22.10 on Monday. The firm has a market capitalization of $12.59 billion and a price-to-earnings ratio of -170.02. BitMine Immersion Technologies, Inc. has a 1-year low of $3.20 and a 1-year high of $161.00. The business's fifty day moving average price is $21.06 and its 200 day moving average price is $28.08.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last issued its earnings results on Tuesday, April 14th. The company reported ($0.08) earnings per share 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 during the quarter. Equities analysts forecast that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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