BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading Up 8% – Here’s Why

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shot up 8% during mid-day trading on Tuesday . The stock traded as high as $38.47 and last traded at $38.7060. 19,236,485 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 23,991,324 shares. The stock had previously closed at $35.84.

Analyst Ratings Changes

Several research firms have commented on BMNR. B. Riley reduced their price objective on BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Zacks Research upgraded BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $47.00.

BitMine Immersion Technologies Trading Up 9.9%

The firm has a market capitalization of $15.13 billion and a price-to-earnings ratio of -89.30. The firm has a 50-day simple moving average of $43.44.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last announced its quarterly earnings data on Friday, November 21st. The company reported $15.90 earnings per share (EPS) for the quarter. The firm had revenue of $1.32 million during the quarter. BitMine Immersion Technologies had a return on equity of 16.02% and a net margin of 5,719.06%.

BitMine Immersion Technologies Announces Dividend

The business also recently disclosed an annual dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 8th will be paid a $0.01 dividend. This represents a yield of 3.0%. The ex-dividend date is Monday, December 8th.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds have recently modified their holdings of BMNR. CNB Bank acquired a new position in BitMine Immersion Technologies in the 3rd quarter worth about $26,000. Strategic Advocates LLC bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $27,000. Quintet Private Bank Europe S.A. bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $30,000. Guerra Advisors Inc acquired a new position in BitMine Immersion Technologies in the third quarter worth approximately $31,000. Finally, Wellington Shields Capital Management LLC bought a new position in BitMine Immersion Technologies during the third quarter valued at approximately $31,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.