Independent Financial Group LLC Makes New Investment in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• Independent Financial Group LLC bought a new stake in BitMine Immersion Technologies in the first quarter, purchasing 184,771 shares valued at about $3.66 million.
• Several other institutional investors also increased or initiated positions in BMNR, including Bank of New York Mellon, D.A. Davidson, and AMG National Trust Bank, signaling broader investor interest.
• BitMine shares were up 1.9% to $15.73, while analysts currently hold a Moderate Buy consensus with an average price target of $27.65; however, recent earnings showed a large loss per share of ($128.25) despite $46.53 million in revenue.

Independent Financial Group LLC bought a new stake in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 184,771 shares of the company's stock, valued at approximately $3,655,000.

Several other large investors have also recently made changes to their positions in BMNR. Wealthfront Advisers LLC bought a new stake in shares of BitMine Immersion Technologies in the 1st quarter worth approximately $242,000. D.A. Davidson & CO. raised its stake in BitMine Immersion Technologies by 10.5% during the first quarter. D.A. Davidson & CO. now owns 75,883 shares of the company's stock valued at $1,501,000 after buying an additional 7,224 shares during the last quarter. Bank of New York Mellon Corp raised its stake in BitMine Immersion Technologies by 36.0% during the first quarter. Bank of New York Mellon Corp now owns 346,451 shares of the company's stock valued at $6,853,000 after buying an additional 91,701 shares during the last quarter. Checchi Capital Advisers LLC raised its stake in BitMine Immersion Technologies by 66.1% during the first quarter. Checchi Capital Advisers LLC now owns 12,570 shares of the company's stock valued at $249,000 after buying an additional 5,000 shares during the last quarter. Finally, AMG National Trust Bank bought a new stake in BitMine Immersion Technologies in the first quarter worth $882,000.

BitMine Immersion Technologies Stock Up 1.9%

Shares of BMNR opened at $15.73 on Friday. The company has a market capitalization of $9.49 billion and a P/E ratio of -120.98. The firm has a 50 day moving average of $16.87 and a 200 day moving average of $21.01. 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 released its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. The business had revenue of $46.53 million during the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. On average, sell-side analysts expect that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current year.

Analysts Set New Price Targets

BMNR has been the topic of a number of recent research reports. B. Riley Financial cut their target price on BitMine Immersion Technologies from $33.00 to $25.00 and set a "buy" rating on the stock in a research note on Thursday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research report on Wednesday. Finally, Cantor Fitzgerald dropped their price target on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating on the stock in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.