Traders Buy High Volume of Call Options on BitMine Immersion Technologies (NYSEAMERICAN:BMNR)

Key Points

• Traders bought an unusually large volume of 252,423 call options on BitMine Immersion Technologies (BMNR) on Friday, a 47% increase versus the typical call volume of 171,607, indicating heightened bullish speculative activity.
• BMNR shares rose $0.51 to $22.95 on Friday with heavy trading of 63,223,839 shares versus an average of 45,635,184; the stock's 12‑month range is $3.20–$161.00 and its 50/200‑day moving averages are $20.54 and $31.45.
• Several institutional investors recently initiated positions (notably Halter Ferguson ~ $11.3M and Voya ~ $2.3M), and analysts' consensus is a Buy with an average target price of $34.50, including a "strong-buy" from Cantor Fitzgerald.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) was the target of unusually large options trading activity on Friday. Stock investors bought 252,423 call options on the company. This is an increase of 47% compared to the typical volume of 171,607 call options.

BitMine Immersion Technologies Price Performance

Shares of BMNR stock traded up $0.51 during trading hours on Friday, reaching $22.95. 63,223,839 shares of the stock were exchanged, compared to its average volume of 45,635,184. BitMine Immersion Technologies has a 12-month low of $3.20 and a 12-month high of $161.00. The company's 50-day moving average price is $20.54 and its 200-day moving average price is $31.45.

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

Hedge Funds Weigh In On BitMine Immersion Technologies

Large investors have recently made changes to their positions in the company. Sanders Morris Harris LLC bought a new position in BitMine Immersion Technologies in the 3rd quarter worth about $312,000. Rise Advisors LLC bought a new position in BitMine Immersion Technologies in the 3rd quarter worth about $55,000. Teamwork Financial Advisors LLC bought a new position in BitMine Immersion Technologies in the 3rd quarter worth about $529,000. Halter Ferguson Financial Inc. bought a new position in BitMine Immersion Technologies in the 3rd quarter worth about $11,318,000. Finally, Voya Investment Management LLC bought a new position in BitMine Immersion Technologies in the 3rd quarter worth about $2,327,000.

Wall Street Analysts Forecast Growth

BMNR has been the subject of a number of recent analyst reports. Cantor Fitzgerald raised shares of BitMine Immersion Technologies to a "strong-buy" rating in a research note on Thursday, April 9th. B. Riley Financial dropped 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 note on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $34.50.

About BitMine Immersion Technologies

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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