BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up – Should You Buy?

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) gapped up prior to trading on Wednesday . The stock had previously closed at $19.57, but opened at $21.00. BitMine Immersion Technologies shares last traded at $21.16, with a volume of 14,222,475 shares trading hands.

Analyst Ratings Changes

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

BitMine Immersion Technologies Trading Up 10.5%

The firm’s 50-day moving average is $25.47 and its 200 day moving average is $37.73.

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

Institutional Trading of BitMine Immersion Technologies

Several institutional investors and hedge funds have recently made changes to their positions in BMNR. CNB Bank bought a new position in shares of BitMine Immersion Technologies during the third quarter valued at about $26,000. Strategic Advocates LLC bought a new position in shares of BitMine Immersion Technologies in the third quarter worth approximately $27,000. Pilgrim Partners Asia Pte Ltd bought a new stake in BitMine Immersion Technologies during the 4th quarter valued at $27,000. Ankerstar Wealth LLC bought a new stake in BitMine Immersion Technologies in the 4th quarter worth $27,000. Finally, Quintet Private Bank Europe S.A. purchased a new position in shares of BitMine Immersion Technologies in the third quarter valued at about $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.