ParaFi Capital LP Invests $3.13 Million in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• ParaFi Capital acquired 235,000 BitMine Immersion Technologies shares worth approximately $3.13 million in the second quarter, making BMNR its ninth-largest holding at about 0.9% of the portfolio.
• Analyst sentiment is mixed but leans moderately bullish: BMNR has a consensus “Moderate Buy” rating and a $27.65 price target, although B. Riley and Cantor Fitzgerald recently lowered their targets.
• BMNR shares opened at $23.09, while the company reported a quarterly loss of $128.25 per share on $46.53 million in revenue. Its negative net margin and high price-to-earnings ratio underscore significant financial and valuation risks.

ParaFi Capital LP bought a new position in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 235,000 shares of the company's stock, valued at approximately $3,128,000. BitMine Immersion Technologies accounts for about 0.9% of ParaFi Capital LP's holdings, making the stock its 9th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of BMNR. Pilgrim Partners Asia Pte Ltd acquired a new stake in BitMine Immersion Technologies during the fourth quarter worth approximately $27,000. Ankerstar Wealth LLC acquired a new position in shares of BitMine Immersion Technologies in the fourth quarter valued at approximately $27,000. Banque Cantonale Vaudoise grew its position in shares of BitMine Immersion Technologies by 72.3% in the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company's stock valued at $37,000 after purchasing an additional 780 shares during the last quarter. Larson Financial Group LLC bought a new position in shares of BitMine Immersion Technologies during the third quarter worth approximately $37,000. Finally, Legacy Wealth Managment LLC ID increased its stake in shares of BitMine Immersion Technologies by 153.8% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 1,396 shares of the company's stock worth $38,000 after purchasing an additional 846 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BMNR. B. Riley Financial reduced their price target on BitMine Immersion Technologies from $33.00 to $25.00 and set a "buy" rating for the company in a research note on Thursday, July 16th. Cantor Fitzgerald lowered their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating on the stock in a research report on Wednesday, July 1st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. One investment 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.65.

BitMine Immersion Technologies Stock Down 1.2%

Shares of NYSE:BMNR opened at $23.09 on Thursday. BitMine Immersion Technologies, Inc. has a 12-month low of $12.80 and a 12-month high of $65.60. The company's 50 day moving average price is $18.00 and its two-hundred day moving average price is $19.22. The firm has a market cap of $13.93 billion, a PE ratio of 461.90 and a beta of 1.61.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share 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, research analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

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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