BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Up – Still a Buy?

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $15.79, but opened at $16.71. BitMine Immersion Technologies shares last traded at $17.78, with a volume of 12,645,312 shares.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. B. Riley Financial cut their price objective on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Cantor Fitzgerald lowered their target price on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. One equities research analyst has 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.65.

BitMine Immersion Technologies Price Performance

The company has a market cap of $10.47 billion and a P/E ratio of 348.18. The stock has a 50-day moving average of $16.39 and a 200 day moving average of $20.51.

BitMine Immersion Technologies (NYSE:BMNR) last posted 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 company had revenue of $46.53 million during the quarter. Sell-side analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Hedge Funds Weigh In On BitMine Immersion Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Milestone Asset Management LLC boosted its position in shares of BitMine Immersion Technologies by 5.6% during the 4th quarter. Milestone Asset Management LLC now owns 8,185 shares of the company’s stock worth $222,000 after acquiring an additional 432 shares in the last quarter. Certuity LLC raised its position 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 purchasing an additional 552 shares in the last quarter. Legacy Wealth Managment LLC ID lifted its stake in BitMine Immersion Technologies by 40.8% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock worth $39,000 after purchasing an additional 570 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in BitMine Immersion Technologies by 16.6% during 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. Finally, Dakota Wealth Management boosted its holdings in shares of BitMine Immersion Technologies by 6.2% in the 4th quarter. Dakota Wealth Management now owns 12,140 shares of the company’s stock valued at $330,000 after purchasing an additional 710 shares in 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.