BitMine Immersion Technologies (NYSE:BMNR) Stock Price Up 6.8% – Still a Buy?

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) shot up 6.8% during mid-day trading on Monday . The company traded as high as $16.77 and last traded at $16.7640. Approximately 14,798,888 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 41,520,605 shares. The stock had previously closed at $15.69.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald dropped their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday. Finally, B. Riley Financial cut their price objective on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, BitMine Immersion Technologies currently has an average rating of “Moderate Buy” and an average target price of $27.65.

BitMine Immersion Technologies Stock Up 6.6%

The company has a market cap of $10.09 billion and a P/E ratio of -129.28. The company has a fifty day moving average of $16.87 and a 200 day moving average of $20.96.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The business had revenue of $46.53 million for the quarter. As a group, research analysts forecast that BitMine Immersion Technologies, Inc. will post -8.41 EPS for the current year.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of institutional investors have recently bought and sold shares of BMNR. Milestone Asset Management LLC grew its stake in BitMine Immersion Technologies by 5.6% during the fourth quarter. Milestone Asset Management LLC now owns 8,185 shares of the company’s stock valued at $222,000 after acquiring an additional 432 shares in the last quarter. CWA Asset Management Group LLC boosted its stake in BitMine Immersion Technologies by 3.9% during the fourth quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company’s stock valued at $338,000 after buying an additional 470 shares during the last quarter. Certuity LLC boosted its stake in BitMine Immersion Technologies by 0.3% during the fourth quarter. Certuity LLC now owns 180,707 shares of the company’s stock valued at $4,906,000 after buying an additional 552 shares during the last quarter. Legacy Wealth Managment LLC ID grew its holdings in BitMine Immersion Technologies by 40.8% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock valued at $39,000 after buying an additional 570 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in BitMine Immersion Technologies by 16.6% in the first quarter. EverSource Wealth Advisors LLC now owns 4,620 shares of the company’s stock worth $91,000 after purchasing an additional 658 shares during the last quarter.

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.