BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Up - Here's What Happened

Key Points

• BMNR shares opened higher, rising from a prior close of $23.89 to $24.83 and last trading near $25.30 on volume of nearly 9 million shares.
• Analyst sentiment is mixed: three analysts rate the stock a Buy, while others rate it Hold or Sell. The consensus rating is Hold, with an average price target of $46.80.
• BitMine reported a quarterly loss of $128.25 per share on $46.53 million in revenue, while its market capitalization reached $15.45 billion. Several institutional investors recently increased or initiated positions in the company.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $23.89, but opened at $24.83. BitMine Immersion Technologies shares last traded at $25.3020, with a volume of 8,992,779 shares trading hands.

Wall Street Analysts Forecast Growth

BMNR has been the subject of a number of recent analyst reports. B Riley reiterated a "buy" rating on shares of BitMine Immersion Technologies in a research report on Thursday, September 3rd. Cantor Fitzgerald increased their price objective on shares of BitMine Immersion Technologies from $30.60 to $63.60 and gave the company an "overweight" rating in a report on Thursday, September 10th. B. Riley Financial raised their price objective on shares of BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Wall Street Zen cut BitMine Immersion Technologies from a "sell" rating to a "strong sell" rating in a report on Tuesday, September 8th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $46.80.

BitMine Immersion Technologies Price Performance

The stock has a market capitalization of $15.45 billion, a P/E ratio of 512.26 and a beta of 1.61. The stock's fifty day moving average is $20.27 and its two-hundred day moving average is $19.56.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. The company 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%. Analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several hedge funds have recently modified their holdings of BMNR. Weiss Asset Management LP grew its position in BitMine Immersion Technologies by 363.6% during the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company's stock valued at $85,614,000 after purchasing an additional 3,394,677 shares in the last quarter. Entropy Technologies LP purchased a new stake in BitMine Immersion Technologies in the 1st quarter worth approximately $1,906,000. Dimensional Fund Advisors LP purchased a new stake in BitMine Immersion Technologies in the 1st quarter worth approximately $4,275,000. The Manufacturers Life Insurance Company boosted its stake in shares of BitMine Immersion Technologies by 612.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 132,063 shares of the company's stock valued at $2,612,000 after buying an additional 113,532 shares during the period. Finally, Independent Financial Group LLC acquired a new stake in shares of BitMine Immersion Technologies during the 1st quarter valued at $3,655,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.

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