BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Up – Still a Buy?

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $23.89, but opened at $24.83. BitMine Immersion Technologies shares last traded at $25.3020, with a volume of 8,992,779 shares traded.

Analysts Set New Price Targets

A number of brokerages have commented on BMNR. B. Riley Financial boosted their target price on BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Wall Street Zen lowered BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 8th. Cantor Fitzgerald boosted their price target on BitMine Immersion Technologies from $30.60 to $63.60 and gave the company an “overweight” rating in a research note on Thursday, September 10th. Finally, B Riley restated a “buy” rating on shares of BitMine Immersion Technologies in a report on Thursday, September 3rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.80.

BitMine Immersion Technologies Stock Performance

The firm’s 50 day moving average is $20.27 and its 200-day moving average is $19.56. The firm has a market cap of $15.45 billion, a price-to-earnings ratio of 512.26 and a beta of 1.61.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BMNR. Banque Cantonale Vaudoise lifted its stake in shares of BitMine Immersion Technologies by 72.3% in 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 during the last quarter. Legacy Wealth Managment LLC ID boosted its holdings in shares of BitMine Immersion Technologies by 40.8% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock worth $39,000 after buying an additional 570 shares during the period. IAG Wealth Partners LLC grew its stake in BitMine Immersion Technologies by 870.4% in the 4th quarter. IAG Wealth Partners LLC now owns 1,737 shares of the company’s stock valued at $47,000 after buying an additional 1,558 shares during the last quarter. Continuum Advisory LLC acquired a new position in BitMine Immersion Technologies in the 2nd quarter valued at $53,000. Finally, Huntington National Bank bought a new position in BitMine Immersion Technologies in the 4th quarter worth $54,000.

About BitMine Immersion Technologies

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.