BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading 8.4% Higher – Still a Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price rose 8.4% during mid-day trading on Wednesday . The stock traded as high as $21.31 and last traded at $21.0740. Approximately 10,595,649 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 42,935,465 shares. The stock had previously closed at $19.44.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. B. Riley Financial lowered their price objective on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday. Cantor Fitzgerald assumed coverage on BitMine Immersion Technologies in a research report on Monday, January 5th. They issued an “overweight” rating and a $39.00 price target on the stock. 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, the stock currently has a consensus rating of “Buy” and an average target price of $34.50.

BitMine Immersion Technologies Stock Performance

The firm’s fifty day moving average is $26.14 and its 200 day moving average is $38.89.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last issued its quarterly earnings data on Tuesday, January 13th. The company reported ($0.05) earnings per share (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 company had revenue of $2.29 million for the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CNB Bank acquired a new stake in shares of BitMine Immersion Technologies during the third quarter worth $26,000. Strategic Advocates LLC acquired a new stake in BitMine Immersion Technologies in the 3rd quarter worth about $27,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in BitMine Immersion Technologies in the 4th quarter worth about $27,000. Ankerstar Wealth LLC bought a new stake in BitMine Immersion Technologies in the 4th quarter valued at about $27,000. Finally, Quintet Private Bank Europe S.A. acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $30,000.

BitMine Immersion Technologies Company Profile

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.