BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Price Target Lowered to $30.00 at B. Riley Financial

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) had its target price reduced by equities researchers at B. Riley Financial from $47.00 to $30.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s target price would suggest a potential upside of 56.44% from the stock’s previous close.

Separately, Cantor Fitzgerald assumed coverage on BitMine Immersion Technologies in a report on Monday, January 5th. They issued an “overweight” rating and a $39.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $34.50.

BitMine Immersion Technologies Stock Down 4.7%

Shares of NYSEAMERICAN BMNR traded down $0.95 during trading on Monday, hitting $19.18. 12,668,834 shares of the company traded hands, compared to its average volume of 43,755,594. The company has a 50-day moving average price of $26.93 and a 200-day moving average price of $39.52. BitMine Immersion Technologies has a 1 year low of $3.20 and a 1 year high of $161.00.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last issued its earnings results on Tuesday, January 13th. The company reported ($0.05) earnings per share for the quarter. BitMine Immersion Technologies had a positive return on equity of 7.89% and a negative net margin of 67,546.19%.The firm had revenue of $2.29 million during the quarter.

Institutional Investors Weigh In On BitMine Immersion Technologies

A number of large investors have recently modified their holdings of BMNR. CNB Bank purchased a new stake in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $26,000. Strategic Advocates LLC acquired a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $27,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in BitMine Immersion Technologies in the fourth quarter valued at approximately $27,000. Ankerstar Wealth LLC purchased a new stake in shares of BitMine Immersion Technologies during the fourth quarter valued at approximately $27,000. Finally, Quintet Private Bank Europe S.A. acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth $30,000.

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.