BitMine Immersion Technologies (NYSE:BMNR) Price Target Raised to $63.60

BitMine Immersion Technologies (NYSE:BMNR) had its price objective upped by equities researchers at Cantor Fitzgerald from $30.60 to $63.60 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 162.78% from the company’s previous close.

Several other brokerages have also recently issued reports on BMNR. Wall Street Zen cut BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. B. Riley Financial increased their price target on shares of BitMine Immersion Technologies from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Finally, B Riley reissued a “buy” rating on shares of BitMine Immersion Technologies in a research report on Thursday, September 3rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $46.80.

BitMine Immersion Technologies Price Performance

NYSE BMNR opened at $24.20 on Thursday. The company has a market cap of $14.60 billion, a price-to-earnings ratio of 484.06 and a beta of 1.61. The stock’s fifty day moving average price is $19.14 and its 200 day moving average price is $19.38. BitMine Immersion Technologies has a 1 year low of $12.80 and a 1 year high of $65.60.

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

Institutional Investors Weigh In On BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Ankerstar Wealth LLC acquired a new position in shares of BitMine Immersion Technologies in the 4th quarter valued at $27,000. Banque Cantonale Vaudoise boosted its holdings in BitMine Immersion Technologies by 72.3% during the first quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock worth $37,000 after buying an additional 780 shares in the last quarter. Larson Financial Group LLC acquired a new stake in BitMine Immersion Technologies during the third quarter valued at $37,000. Northwestern Mutual Wealth Management Co. acquired a new stake in BitMine Immersion Technologies during the third quarter valued at $38,000. Finally, Legacy Wealth Managment LLC ID increased its holdings in BitMine Immersion Technologies by 40.8% in the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock valued at $39,000 after buying an additional 570 shares in the last quarter.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.