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

Key Points

• Traders have engaged in unusually high options trading for BitMine Immersion Technologies, purchasing 291,287 call options, which is a 29% increase compared to average daily volume.
• Director Thomas Jong Lee purchased 222,222 shares at $4.50 per share, highlighting insider confidence in the company.
• Analyst ratings for BitMine have been upgraded to "strong-buy," indicating growing positive sentiment among financial experts.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) was the target of unusually large options trading activity on Friday. Traders bought 291,287 call options on the company. This is an increase of approximately 29% compared to the average daily volume of 225,718 call options.

Insiders Place Their Bets

In other BitMine Immersion Technologies news, Director Thomas Jong Lee purchased 222,222 shares of the company's stock in a transaction dated Wednesday, July 9th. The shares were acquired at an average price of $4.50 per share, for a total transaction of $999,999.00. Following the purchase, the director directly owned 222,222 shares of the company's stock, valued at $999,999. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Trading of BitMine Immersion Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Lauer Wealth LLC acquired a new stake in BitMine Immersion Technologies during the 2nd quarter valued at $363,000. XTX Topco Ltd acquired a new stake in shares of BitMine Immersion Technologies during the second quarter valued at about $374,000. Marex Group plc purchased a new stake in shares of BitMine Immersion Technologies during the second quarter worth about $465,000. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of BitMine Immersion Technologies in the second quarter worth about $508,000. Finally, Sassicaia Capital Advisers LLC acquired a new position in shares of BitMine Immersion Technologies in the second quarter worth about $1,570,000.

Analyst Ratings Changes

Separately, ThinkEquity upgraded shares of BitMine Immersion Technologies to a "strong-buy" rating in a research report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, BitMine Immersion Technologies currently has a consensus rating of "Strong Buy".

BitMine Immersion Technologies Trading Up 0.3%

BMNR stock traded up $0.15 during midday trading on Friday, hitting $56.65. The stock had a trading volume of 49,113,056 shares, compared to its average volume of 18,709,789. BitMine Immersion Technologies has a 12-month low of $1.93 and a 12-month high of $161.00. The company has a market cap of $15.83 billion and a price-to-earnings ratio of -128.75. The business has a 50-day moving average price of $48.25.

About BitMine Immersion Technologies

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.

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