BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading Up 6.7% – What’s Next?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s share price was up 6.7% on Monday . The stock traded as high as $20.54 and last traded at $20.76. Approximately 7,687,707 shares traded hands during trading, a decline of 83% from the average daily volume of 45,215,012 shares. The stock had previously closed at $19.45.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BMNR. Cantor Fitzgerald initiated coverage on BitMine Immersion Technologies in a report on Monday, January 5th. They set an “overweight” rating and a $39.00 price objective on the stock. B. Riley Financial lowered their target price on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $34.50.

BitMine Immersion Technologies Stock Performance

The company’s 50-day moving average price is $21.12 and its two-hundred day moving average price is $33.23.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released 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 positive return on equity of 7.89% and a negative net margin of 67,546.19%.

Institutional Investors Weigh In On BitMine Immersion Technologies

Hedge funds have recently bought and sold shares of the company. Milestone Asset Management LLC lifted its position in shares of BitMine Immersion Technologies by 5.6% during the 4th quarter. Milestone Asset Management LLC now owns 8,185 shares of the company’s stock worth $222,000 after purchasing an additional 432 shares during the last quarter. CWA Asset Management Group LLC increased its position in BitMine Immersion Technologies by 3.9% in the 4th quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company’s stock worth $338,000 after buying an additional 470 shares during the period. CNB Bank acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth approximately $26,000. Strategic Advocates LLC bought a new stake in shares of BitMine Immersion Technologies in the third quarter valued at approximately $27,000. Finally, Certuity LLC boosted its position in shares of BitMine Immersion Technologies by 0.3% in the fourth quarter. Certuity LLC now owns 180,707 shares of the company’s stock valued at $4,906,000 after acquiring an additional 552 shares during the period.

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.