Wolverine Asset Management LLC Invests $2.86 Million in BitMine Immersion Technologies, Inc. $BMNR

Key Points

• Wolverine Asset Management LLC opened a new position in BitMine Immersion Technologies (NYSE:BMNR), buying 105,302 shares in Q4 valued at about $2.86 million.
• BMNR traded near $22.73 with a market cap of $12.95 billion, reported a ($0.08) EPS on $11.04 million in revenue, and has a volatile 12‑month range of $3.20 to $161.00.
• Analysts are mixed but lean positive—the stock carries an average rating of "Moderate Buy" and a consensus price target of $34.50, despite individual ratings ranging from "strong-buy" to "sell".

Wolverine Asset Management LLC purchased a new position in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 105,302 shares of the company's stock, valued at approximately $2,859,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BMNR. CNB Bank acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth $26,000. Strategic Advocates LLC acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth $27,000. Lodestone Wealth Management LLC acquired a new stake in shares of BitMine Immersion Technologies during the fourth quarter valued at $30,000. Guerra Advisors Inc purchased a new stake in BitMine Immersion Technologies during the 3rd quarter worth about $31,000. Finally, Wellington Shields Capital Management LLC purchased a new stake in BitMine Immersion Technologies during the 3rd quarter worth about $31,000.

BitMine Immersion Technologies Trading Up 3.9%

NYSE:BMNR opened at $22.73 on Tuesday. The firm has a market cap of $12.95 billion and a price-to-earnings ratio of -174.84. The company's 50-day moving average is $20.88 and its two-hundred day moving average is $28.69. BitMine Immersion Technologies, Inc. has a 12-month low of $3.20 and a 12-month high of $161.00.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last released its earnings results on Tuesday, April 14th. The company reported ($0.08) earnings per share (EPS) for the quarter. The firm had revenue of $11.04 million during the quarter. BitMine Immersion Technologies had a negative net margin of 51,892.77% and a positive return on equity of 5.59%. On average, equities research analysts forecast that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BMNR has been the subject of several analyst reports. B. Riley Financial cut their target price on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a "buy" rating for the company in a research note on Monday, February 23rd. Weiss Ratings initiated coverage on shares of BitMine Immersion Technologies in a report on Friday, April 17th. They issued a "sell (d-)" rating on the stock. Finally, Cantor Fitzgerald upgraded shares of BitMine Immersion Technologies to a "strong-buy" rating in a report on Thursday, April 9th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, BitMine Immersion Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $34.50.

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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