Sovran Advisors LLC Increases Stock Holdings in BitMine Immersion Technologies, Inc. $BMNR

Sovran Advisors LLC increased its stake in shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) by 26.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 252,630 shares of the company’s stock after acquiring an additional 53,608 shares during the period. Sovran Advisors LLC’s holdings in BitMine Immersion Technologies were worth $5,406,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Strategic Advocates LLC purchased a new position in shares of BitMine Immersion Technologies in the third quarter valued at $27,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in BitMine Immersion Technologies during the 4th quarter worth $27,000. Ankerstar Wealth LLC purchased a new stake in BitMine Immersion Technologies during the 4th quarter worth $27,000. Lodestone Wealth Management LLC acquired a new position in BitMine Immersion Technologies in the 4th quarter worth $30,000. Finally, Trust Co. of Vermont lifted its holdings in BitMine Immersion Technologies by 424.4% in the 4th quarter. Trust Co. of Vermont now owns 1,180 shares of the company’s stock worth $32,000 after buying an additional 955 shares in the last quarter.

BitMine Immersion Technologies Price Performance

NYSE:BMNR traded up $0.36 during mid-day trading on Friday, reaching $15.05. The stock had a trading volume of 28,629,524 shares, compared to its average volume of 35,388,136. The company has a market capitalization of $8.57 billion and a price-to-earnings ratio of -115.78. BitMine Immersion Technologies, Inc. has a 1-year low of $12.80 and a 1-year high of $71.74. The stock’s 50 day simple moving average is $17.54 and its two-hundred day simple moving average is $21.50.

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

Analysts Set New Price Targets

BMNR has been the subject of a number of analyst reports. Weiss Ratings initiated coverage on BitMine Immersion Technologies in a report on Friday, April 17th. They issued a “sell (d-)” rating for the company. Cantor Fitzgerald dropped 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. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.15.

About BitMine Immersion Technologies

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.