BitMine Immersion Technologies, Inc. $BMNR Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its BitMine Immersion Technologies position by 9.4% in the third quarter, selling 419,827 shares and retaining 4.03 million shares valued at approximately $106.6 million.
• Other institutional investors generally increased their holdings, including Versant Capital Management, which boosted its position by 7,455%, and Pinnacle Wealth Planning Services, which increased its stake by 1,696.6%.
• BMNR shares opened at $19.53, below their 50-day moving average of $24.39; analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $48.80.

Sumitomo Mitsui Trust Group Inc. decreased its position in BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) by 9.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,032,244 shares of the company's stock after selling 419,827 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.67% of BitMine Immersion Technologies worth $106,572,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Pinnacle Wealth Planning Services Inc. raised its holdings in BitMine Immersion Technologies by 1,696.6% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,060 shares of the company's stock valued at $28,000 after buying an additional 1,001 shares during the last quarter. Quintet Private Bank Europe S.A. boosted its position in BitMine Immersion Technologies by 100.0% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 1,150 shares of the company's stock valued at $30,000 after buying an additional 575 shares during the period. Legacy Wealth Managment LLC ID boosted its position in 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 valued at $39,000 after buying an additional 570 shares during the period. Western Wealth Management LLC bought a new stake in BitMine Immersion Technologies in the 1st quarter worth $58,000. Finally, Versant Capital Management Inc grew its holdings in BitMine Immersion Technologies by 7,455.0% in the 3rd quarter. Versant Capital Management Inc now owns 3,022 shares of the company's stock worth $80,000 after acquiring an additional 2,982 shares during the last quarter.

BitMine Immersion Technologies Stock Performance

Shares of BitMine Immersion Technologies stock opened at $19.53 on Tuesday. The business has a 50 day moving average of $24.39 and a 200 day moving average of $20.98. BitMine Immersion Technologies, Inc. has a 52 week low of $12.80 and a 52 week high of $44.88.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 13th. Cantor Fitzgerald reissued an "overweight" rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 6th. 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. Finally, Wall Street Zen upgraded BitMine Immersion Technologies from a "strong sell" rating to a "sell" rating in a report on Saturday, October 10th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $48.80.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc is a digital asset technology company focused on cryptocurrency mining and digital asset treasury operations. The company has developed expertise in immersion-cooling systems designed to improve the efficiency and operating environment of high-performance computing equipment used in cryptocurrency mining.

In addition to its mining-related activities, BitMine has pursued a strategy centered on acquiring and holding digital assets, including Ethereum. Its business may also include cryptocurrency mining, data-center operations, and related infrastructure and services.

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