BitMine Immersion Technologies (NYSE:BMNR) Stock Price Up 5% – Time to Buy?

BitMine Immersion Technologies, Inc. (NYSE:BMNR) rose 5% during trading on Monday . The stock traded as high as $25.12 and last traded at $24.98. Approximately 29,612,488 shares changed hands during trading, a decline of 28% from the average session volume of 41,071,945 shares. The stock had previously closed at $23.80.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BMNR shares. B. Riley Financial cut their price target on 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 reduced their price target 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 reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.65.

BitMine Immersion Technologies Price Performance

The company has a 50-day moving average of $17.82 and a 200 day moving average of $19.20. The company has a market cap of $14.09 billion, a PE ratio of 467.00 and a beta of 1.58.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. The company had revenue of $46.53 million for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. Equities research analysts expect that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Trading of BitMine Immersion Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LP lifted its position in BitMine Immersion Technologies by 89.5% in the second quarter. Corient Private Wealth LP now owns 77,285 shares of the company’s stock worth $1,029,000 after buying an additional 36,495 shares during the last quarter. California State Teachers Retirement System purchased a new stake in shares of BitMine Immersion Technologies in the second quarter valued at $1,410,000. Ameritas Advisory Services LLC lifted its holdings in shares of BitMine Immersion Technologies by 26.4% in the 2nd quarter. Ameritas Advisory Services LLC now owns 44,733 shares of the company’s stock worth $595,000 after acquiring an additional 9,351 shares during the last quarter. Chokshi & Queen Wealth Advisors Inc boosted its stake in shares of BitMine Immersion Technologies by 84.1% during the 2nd quarter. Chokshi & Queen Wealth Advisors Inc now owns 82,300 shares of the company’s stock worth $1,095,000 after purchasing an additional 37,600 shares during the period. Finally, Compass Financial Management LLC bought a new position in BitMine Immersion Technologies during the 2nd quarter valued at about $303,000.

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.