BitMine Immersion Technologies (NYSE:BMNR) Announces Earnings Results

BitMine Immersion Technologies (NYSE:BMNR) issued its quarterly earnings results on Tuesday. The company reported ($10.57) EPS for the quarter, FiscalAI reports. BitMine Immersion Technologies had a negative net margin of 5,058.36% and a positive return on equity of 0.25%. The business had revenue of $64.94 million during the quarter.

BitMine Immersion Technologies Price Performance

BMNR stock opened at $18.09 on Thursday. The firm has a market cap of $10.92 billion, a price-to-earnings ratio of -1.06 and a beta of 1.80. BitMine Immersion Technologies has a 1-year low of $12.80 and a 1-year high of $42.08. The firm has a fifty day moving average price of $23.67 and a two-hundred day moving average price of $20.61.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 13th. B. Riley Financial upped their target price on shares of BitMine Immersion Technologies from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. Wall Street Zen upgraded shares of BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. Zacks Research raised shares of BitMine Immersion Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, BitMine Immersion Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $48.80.

Institutional Investors Weigh In On BitMine Immersion Technologies

Institutional investors have recently modified their holdings of the business. Weiss Asset Management LP lifted its holdings in BitMine Immersion Technologies by 363.6% in the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock worth $85,614,000 after acquiring an additional 3,394,677 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of BitMine Immersion Technologies during the 2nd quarter worth approximately $20,069,000. California Public Employees Retirement System acquired a new stake in shares of BitMine Immersion Technologies during the 1st quarter worth approximately $14,072,000. Commonwealth Equity Services LLC raised its position in shares of BitMine Immersion Technologies by 98.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 616,063 shares of the company’s stock worth $16,283,000 after purchasing an additional 305,539 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth approximately $13,446,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies is a digital-asset company whose business has included Bitcoin mining and immersion-cooling technology. Immersion cooling uses liquid to manage the heat generated by computing equipment and can support the operation of mining hardware. The company has shifted its strategic focus toward acquiring and holding Ether as a treasury asset. Its history in Bitcoin mining and cooling technology provides context for its involvement in digital-asset infrastructure, while its current strategy centers on Ether.