Royal Bank of Canada Reduces Stock Position in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• Royal Bank of Canada cut its BitMine Immersion Technologies stake by 39.2% in the first quarter, selling 299,577 shares and retaining 465,220 shares worth approximately $9.2 million.
• BMNR opened at $18.81, with a market capitalization of $11.34 billion, while reporting a quarterly loss of $128.25 per share on $46.53 million in revenue.
• Analyst sentiment remains mixed but averages a “Moderate Buy” rating, with a consensus price target of $27.65; recent targets were lowered by B. Riley and Cantor Fitzgerald.

Royal Bank of Canada decreased its holdings in BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) by 39.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 465,220 shares of the company's stock after selling 299,577 shares during the period. Royal Bank of Canada owned about 0.08% of BitMine Immersion Technologies worth $9,202,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in BMNR. Pilgrim Partners Asia Pte Ltd bought a new stake in BitMine Immersion Technologies during the 4th quarter valued at about $27,000. Ankerstar Wealth LLC bought a new position in BitMine Immersion Technologies in the 4th quarter worth about $27,000. Larson Financial Group LLC purchased a new position in shares of BitMine Immersion Technologies during the third quarter worth approximately $37,000. Banque Cantonale Vaudoise increased its position in shares of BitMine Immersion Technologies by 72.3% during the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company's stock worth $37,000 after acquiring an additional 780 shares during the period. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of BitMine Immersion Technologies during the third quarter valued at approximately $38,000.

BitMine Immersion Technologies Stock Down 0.1%

NYSE BMNR opened at $18.81 on Monday. BitMine Immersion Technologies, Inc. has a 52 week low of $12.80 and a 52 week high of $71.74. The company has a 50 day moving average price of $16.15 and a 200 day moving average price of $19.57. The firm has a market cap of $11.34 billion, a PE ratio of 376.12 and a beta of 1.28.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BMNR. B. Riley Financial dropped their price objective on BitMine Immersion Technologies from $33.00 to $25.00 and set a "buy" rating on the stock in a research note on Thursday, July 16th. Weiss Ratings reissued a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Finally, Cantor Fitzgerald cut their price target on 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. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $27.65.

BitMine Immersion Technologies Company Profile

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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