BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Price Target Lowered to $30.00 at B. Riley Financial

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) had its target price dropped by research analysts at B. Riley Financial from $47.00 to $30.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley Financial’s price target would suggest a potential upside of 56.44% from the company’s previous close.

Separately, Cantor Fitzgerald started coverage on shares of BitMine Immersion Technologies in a research note on Monday, January 5th. They issued an “overweight” rating and a $39.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $34.50.

BitMine Immersion Technologies Trading Down 4.7%

BMNR stock traded down $0.95 during midday trading on Monday, reaching $19.18. The stock had a trading volume of 12,668,834 shares, compared to its average volume of 43,755,594. BitMine Immersion Technologies has a 52-week low of $3.20 and a 52-week high of $161.00. The company’s fifty day simple moving average is $26.93 and its 200 day simple moving average is $39.52.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Morgan Stanley grew its position in shares of BitMine Immersion Technologies by 25.8% in the fourth quarter. Morgan Stanley now owns 12,197,071 shares of the company’s stock valued at $331,151,000 after purchasing an additional 2,500,368 shares during the period. Marex Group plc boosted its stake in BitMine Immersion Technologies by 560.1% in the 4th quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock worth $272,154,000 after buying an additional 8,505,421 shares during the last quarter. ARK Investment Management LLC boosted its stake in BitMine Immersion Technologies by 26.6% in the 4th quarter. ARK Investment Management LLC now owns 9,457,330 shares of the company’s stock worth $256,767,000 after buying an additional 1,987,517 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in BitMine Immersion Technologies by 29.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company’s stock valued at $133,475,000 after buying an additional 1,131,556 shares during the period. Finally, Amova Asset Management Americas Inc. increased its stake in shares of BitMine Immersion Technologies by 29.9% during the 4th quarter. Amova Asset Management Americas Inc. now owns 4,911,524 shares of the company’s stock valued at $133,397,000 after acquiring an additional 1,129,706 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.