BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up – Time to Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shares gapped up prior to trading on Friday . The stock had previously closed at $17.40, but opened at $18.78. BitMine Immersion Technologies shares last traded at $19.1680, with a volume of 10,768,089 shares trading hands.

Wall Street Analysts Forecast Growth

BMNR has been the topic of several analyst reports. B. Riley cut their price target on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Cantor Fitzgerald assumed coverage on BitMine Immersion Technologies in a research report on Monday, January 5th. They set an “overweight” rating and a $39.00 target price for the company. Finally, Zacks Research upgraded BitMine Immersion Technologies to a “hold” rating in a report on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $43.00.

BitMine Immersion Technologies Price Performance

The business has a 50-day moving average price of $30.20 and a 200-day moving average price of $40.70.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its quarterly earnings data on Tuesday, January 13th. The company reported ($12.74) 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 company had revenue of $2.29 million for the quarter.

BitMine Immersion Technologies Dividend Announcement

The company also recently disclosed an annual dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 8th were issued a $0.01 dividend. The ex-dividend date of this dividend was Monday, December 8th. This represents a dividend yield of 3.0%.

Hedge Funds Weigh In On BitMine Immersion Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. ARK Investment Management LLC acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $387,907,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in BitMine Immersion Technologies by 29.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company’s stock valued at $133,475,000 after acquiring an additional 1,131,556 shares during the last quarter. Vanguard Group Inc. grew its position in BitMine Immersion Technologies by 65.7% in the fourth quarter. Vanguard Group Inc. now owns 4,742,559 shares of the company’s stock worth $128,760,000 after acquiring an additional 1,880,793 shares during the period. Amova Asset Management Americas Inc. acquired a new stake in BitMine Immersion Technologies during the third quarter worth $196,503,000. Finally, Pantera Capital Partners LP purchased a new stake in BitMine Immersion Technologies in the third quarter valued at $122,036,000.

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.