BitMine Immersion Technologies Target of Unusually High Options Trading (NYSE:BMNR)

BitMine Immersion Technologies, Inc. (NYSE:BMNR) was the target of some unusual options trading activity on Wednesday. Stock traders purchased 181,684 call options on the company. This represents an increase of approximately 25% compared to the average volume of 145,316 call options.

BitMine Immersion Technologies Price Performance

NYSE:BMNR traded up $1.70 during mid-day trading on Wednesday, reaching $19.98. The stock had a trading volume of 48,937,733 shares, compared to its average volume of 40,279,188. The stock has a market cap of $12.05 billion, a P/E ratio of 400.12 and a beta of 1.28. The business’s 50 day moving average is $16.30 and its 200 day moving average is $19.05. BitMine Immersion Technologies has a fifty-two week low of $12.80 and a fifty-two week high of $65.60.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. The business had revenue of $46.53 million for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. Equities analysts expect that BitMine Immersion Technologies 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. Rhumbline Advisers bought a new stake in BitMine Immersion Technologies during the third quarter worth approximately $305,000. Blair William & Co. IL bought a new position in shares of BitMine Immersion Technologies in the third quarter valued at approximately $444,000. CreativeOne Wealth LLC acquired a new stake in shares of BitMine Immersion Technologies in the third quarter worth $282,000. Jefferies Financial Group Inc. acquired a new stake in shares of BitMine Immersion Technologies in the third quarter worth $508,000. Finally, Banque Cantonale Vaudoise bought a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth $56,000.

Analyst Ratings Changes

A number of research firms recently commented on BMNR. Cantor Fitzgerald decreased their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. B. Riley Financial decreased their target price on BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, BitMine Immersion Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.65.

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.