BitMine Immersion Technologies (NYSE:BMNR) Price Target Raised to $30.00

BitMine Immersion Technologies (NYSE:BMNR) had its target price lifted by equities researchers at B. Riley Financial from $25.00 to $30.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s price target suggests a potential upside of 14.39% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Cantor Fitzgerald reduced their target price on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Finally, B Riley reaffirmed a “buy” rating on shares of BitMine Immersion Technologies in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, BitMine Immersion Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $30.15.

BitMine Immersion Technologies Stock Performance

Shares of NYSE:BMNR traded up $3.17 during midday trading on Thursday, reaching $26.23. The company had a trading volume of 42,330,210 shares, compared to its average volume of 41,060,930. The company has a fifty day simple moving average of $18.00 and a two-hundred day simple moving average of $19.22. The firm has a market cap of $15.82 billion, a price-to-earnings ratio of 524.74 and a beta of 1.61. 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 posted its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The firm had revenue of $46.53 million for the quarter. Analysts expect that BitMine Immersion Technologies will post 0.06 EPS for the current year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several large investors have recently made changes to their positions in BMNR. Morgan Stanley lifted its stake in BitMine Immersion Technologies by 25.8% in the fourth quarter. Morgan Stanley now owns 12,197,071 shares of the company’s stock valued at $331,151,000 after acquiring an additional 2,500,368 shares during the last quarter. Marex Group plc boosted its holdings in BitMine Immersion Technologies by 560.1% in the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock worth $272,154,000 after purchasing an additional 8,505,421 shares in the last quarter. ARK Investment Management LLC boosted its holdings in BitMine Immersion Technologies by 26.6% in the fourth quarter. ARK Investment Management LLC now owns 9,457,330 shares of the company’s stock worth $256,767,000 after purchasing an additional 1,987,517 shares in the last quarter. Amova Asset Management Americas Inc. increased its position in BitMine Immersion Technologies by 29.9% during the fourth quarter. Amova Asset Management Americas Inc. now owns 4,911,524 shares of the company’s stock worth $133,397,000 after buying an additional 1,129,706 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in BitMine Immersion Technologies by 65.7% during the fourth quarter. Vanguard Group Inc. now owns 4,742,559 shares of the company’s stock worth $128,760,000 after buying an additional 1,880,793 shares during the last quarter.

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.