BitMine Immersion Technologies (NYSE:BMNR) Stock Price Up 10.5% – Time to Buy?

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s share price rose 10.5% during mid-day trading on Monday . The stock traded as high as $15.65 and last traded at $15.8720. Approximately 17,452,213 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 42,112,727 shares. The stock had previously closed at $14.36.

Analysts Set New Price Targets

Several research firms have recently weighed in on BMNR. Cantor Fitzgerald cut their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Weiss Ratings initiated coverage on BitMine Immersion Technologies in a research note on Friday, April 17th. They set a “sell (d-)” rating for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.15.

BitMine Immersion Technologies Price Performance

The company has a market capitalization of $9.01 billion and a price-to-earnings ratio of -121.77. The firm has a 50-day moving average price of $18.20 and a two-hundred day moving average price of $21.97.

BitMine Immersion Technologies (NYSE:BMNR) last posted its quarterly earnings data on Tuesday, April 14th. The company reported ($0.08) earnings per share (EPS) for the quarter. The firm had revenue of $11.04 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 5.59% and a negative net margin of 51,892.77%. On average, equities analysts predict that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current year.

Institutional Trading of BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in BMNR. Rhumbline Advisers acquired a new position in BitMine Immersion Technologies during the third quarter worth $305,000. US Bancorp DE bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth about $752,000. CI Investments Inc. bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth about $171,000. Cresset Asset Management LLC acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth about $703,000. Finally, Intellectus Partners LLC acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth about $288,000.

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.