Sumitomo Mitsui Trust Group Inc. Purchases New Shares in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• Sumitomo Mitsui Trust Group acquired 3,784,639 shares of BitMine Immersion Technologies valued at about $196,536,000, representing roughly 1.35% of the company at the end of the reporting period.
• Several other institutions — including Strong Tower Advisory Services, Robeco, Voya, MADDEN Securities and Halter Ferguson Financial — also initiated new positions in Q3, signaling increased institutional interest in BMNR.
• BMNR trades near $31.13 with a market cap of $13.26 billion, and analysts hold a consensus Buy rating with an average price target around $43 (recent targets include $39 from Cantor Fitzgerald and $47 from B. Riley).

Sumitomo Mitsui Trust Group Inc. acquired a new position in BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,784,639 shares of the company's stock, valued at approximately $196,536,000. Sumitomo Mitsui Trust Group Inc. owned about 1.35% of BitMine Immersion Technologies at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of BMNR. Strong Tower Advisory Services acquired a new position in BitMine Immersion Technologies in the 3rd quarter worth about $14,354,000. Robeco Institutional Asset Management B.V. acquired a new stake in BitMine Immersion Technologies during the third quarter worth approximately $7,270,000. Voya Investment Management LLC acquired a new stake in BitMine Immersion Technologies in the third quarter worth $2,327,000. MADDEN SECURITIES Corp bought a new stake in BitMine Immersion Technologies in the 3rd quarter valued at about $4,556,000. Finally, Halter Ferguson Financial Inc. bought a new stake in shares of BitMine Immersion Technologies during the third quarter valued at approximately $11,318,000.

BitMine Immersion Technologies Stock Up 3.6%

NYSEAMERICAN BMNR opened at $31.13 on Tuesday. BitMine Immersion Technologies, Inc. has a 1 year low of $3.20 and a 1 year high of $161.00. The firm has a market capitalization of $13.26 billion and a P/E ratio of -70.75. The firm's fifty day simple moving average is $32.70.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR - Get Free Report) last released its quarterly earnings data on Friday, November 21st. The company reported $15.90 earnings per share for the quarter. The business had revenue of $1.32 million during the quarter. BitMine Immersion Technologies had a return on equity of 16.02% and a net margin of 5,719.06%.

BitMine Immersion Technologies Dividend Announcement

The business also recently disclosed an annual dividend, which was paid on Monday, December 29th. Shareholders of record on Monday, December 8th were given a $0.01 dividend. This represents a yield of 3.0%. The ex-dividend date was Monday, December 8th.

Analyst Upgrades and Downgrades

BMNR has been the topic of a number of analyst reports. Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They set an "overweight" rating and a $39.00 price objective on the stock. Zacks Research upgraded shares of BitMine Immersion Technologies to a "hold" rating in a research note on Friday, October 17th. Finally, B. Riley decreased their price objective on BitMine Immersion Technologies from $90.00 to $47.00 and set a "buy" rating on the stock in a research note on Thursday, November 20th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, BitMine Immersion Technologies currently has a consensus rating of "Buy" and an average price target of $43.00.

BitMine Immersion Technologies 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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