Vanguard Group Inc. Makes New Investment in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• Vanguard Group bought a new stake of 2,861,766 shares in BitMine Immersion Technologies valued at about $148.6 million, representing roughly 1.02% ownership.
• Several other institutions also initiated large positions—most notably Sumitomo Mitsui Trust (~$196.5 million) and JPMorgan Chase (~$102.5 million)—indicating substantial institutional inflows.
• Wall Street sentiment is generally positive with a consensus price target of $34.50 (Cantor Fitzgerald: overweight, $39 PT; B. Riley: buy, $30 PT), while the stock recently traded around $19.57, down about 4.1%.

Vanguard Group Inc. purchased a new stake in BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Free Report) during the third quarter, according to its most recent filing with the SEC. The fund purchased 2,861,766 shares of the company's stock, valued at approximately $148,612,000. Vanguard Group Inc. owned about 1.02% of BitMine Immersion Technologies as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at $196,536,000. JPMorgan Chase & Co. acquired a new position in BitMine Immersion Technologies in the third quarter valued at approximately $102,517,000. Strong Tower Advisory Services acquired a new position in BitMine Immersion Technologies in the 3rd quarter worth about $14,354,000. Thames Capital Management LLC purchased a new position in BitMine Immersion Technologies during the third quarter valued at $11,868,000. Finally, Halter Ferguson Financial Inc. purchased a new position in shares of BitMine Immersion Technologies in the third quarter worth about $11,318,000.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BMNR. Cantor Fitzgerald initiated coverage on BitMine Immersion Technologies in a report on Monday, January 5th. They issued an "overweight" rating and a $39.00 price objective on the stock. B. Riley Financial reduced their price target on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, BitMine Immersion Technologies presently has an average rating of "Buy" and a consensus price target of $34.50.

BitMine Immersion Technologies Trading Down 4.1%

Shares of BitMine Immersion Technologies stock opened at $19.57 on Wednesday. BitMine Immersion Technologies, Inc. has a one year low of $3.20 and a one year high of $161.00. The stock has a 50 day moving average price of $25.47 and a 200-day moving average price of $37.73.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR - Get Free Report) last posted its quarterly earnings results on Tuesday, January 13th. The company reported ($0.05) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The business had revenue of $2.29 million during the quarter.

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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