BitMine Immersion Technologies (NYSE:BMNR) Trading Up 10.1% – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s stock price rose 10.1% on Tuesday . The stock traded as high as $16.00 and last traded at $16.0890. Approximately 7,792,747 shares changed hands during trading, a decline of 81% from the average daily volume of 41,486,926 shares. The stock had previously closed at $14.61.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings initiated coverage on shares of BitMine Immersion Technologies in a report on Friday, April 17th. They issued a “sell (d-)” rating for the company. Cantor Fitzgerald reduced 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. Two 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 given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.15.

BitMine Immersion Technologies Stock Down 2.9%

The stock’s 50-day simple moving average is $17.13 and its 200 day simple moving average is $21.14. The firm has a market cap of $9.01 billion and a P/E ratio of -121.65.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.49%. On average, research analysts forecast that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BitMine Immersion Technologies

Institutional investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System raised its holdings in BitMine Immersion Technologies by 141.7% during the fourth quarter. State of Michigan Retirement System now owns 145,000 shares of the company’s stock worth $3,937,000 after buying an additional 85,000 shares during the last quarter. Blue Sky Capital Consultants Group Inc. grew its holdings in shares of BitMine Immersion Technologies by 340.5% during the fourth quarter. Blue Sky Capital Consultants Group Inc. now owns 95,799 shares of the company’s stock valued at $2,601,000 after buying an additional 74,052 shares during the last quarter. Strong Tower Advisory Services grew its holdings in shares of BitMine Immersion Technologies by 82.3% during the fourth quarter. Strong Tower Advisory Services now owns 503,896 shares of the company’s stock valued at $13,681,000 after buying an additional 227,484 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of BitMine Immersion Technologies by 29.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company’s stock worth $133,475,000 after acquiring an additional 1,131,556 shares in the last quarter. Finally, Aurora Investment Managers LLC. bought a new stake in shares of BitMine Immersion Technologies during the fourth quarter worth about $3,411,000.

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.