The Manufacturers Life Insurance Company Has $2.61 Million Stock Holdings in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• The Manufacturers Life Insurance Company increased its BMNR stake by 612.7% in the first quarter, reaching 132,063 shares valued at approximately $2.61 million.
• Analyst sentiment is mixed but leans positive: Cantor Fitzgerald and B. Riley lowered their price targets to $30.30 and $25, respectively, while the consensus rating remains “Moderate Buy” with an average target of $27.65.
• BMNR opened at $18.81 and has a market capitalization of $11.34 billion, but its latest quarter included a loss of $128.25 per share on $46.53 million in revenue and a deeply negative net margin.

The Manufacturers Life Insurance Company raised its stake in BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) by 612.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 132,063 shares of the company's stock after purchasing an additional 113,532 shares during the quarter. The Manufacturers Life Insurance Company's holdings in BitMine Immersion Technologies were worth $2,612,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Larson Financial Group LLC acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $37,000. Northwestern Mutual Wealth Management Co. acquired a new position in BitMine Immersion Technologies during the third quarter worth $38,000. Ankerstar Wealth LLC acquired a new position in BitMine Immersion Technologies during the fourth quarter worth $27,000. Pilgrim Partners Asia Pte Ltd bought a new stake in BitMine Immersion Technologies during the fourth quarter worth $27,000. Finally, Banque Cantonale Vaudoise acquired a new stake in BitMine Immersion Technologies in the third quarter valued at $56,000.

Analysts Set New Price Targets

A number of brokerages have recently commented on BMNR. Cantor Fitzgerald decreased their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. B. Riley Financial cut their target price on shares of 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. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $27.65.

BitMine Immersion Technologies Trading Up 2.8%

BMNR stock opened at $18.81 on Friday. BitMine Immersion Technologies, Inc. has a 1-year low of $12.80 and a 1-year high of $71.74. The business's 50 day simple moving average is $16.15 and its 200 day simple moving average is $19.65. The firm has a market capitalization of $11.34 billion, a PE ratio of 376.12 and a beta of 1.30.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The business had revenue of $46.53 million for the quarter. As a group, sell-side analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current fiscal year.

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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