BitMine Immersion Technologies (NYSE:BMNR) Announces Earnings Results

BitMine Immersion Technologies (NYSE:BMNR) issued its quarterly earnings results on Tuesday. The company reported ($128.25) earnings per share (EPS) for the quarter, FiscalAI reports. BitMine Immersion Technologies had a negative net margin of 51,892.77% and a positive return on equity of 5.59%.

BitMine Immersion Technologies Stock Up 11.8%

Shares of NYSE:BMNR traded up $1.72 on Tuesday, hitting $16.33. 51,087,819 shares of the company traded hands, compared to its average volume of 41,791,965. BitMine Immersion Technologies has a 52 week low of $12.80 and a 52 week high of $71.74. The stock has a 50 day simple moving average of $17.40 and a 200-day simple moving average of $21.32. The company has a market cap of $9.30 billion and a PE ratio of -125.59.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds have recently bought and sold shares of BMNR. Strategic Advocates LLC bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at about $27,000. Larson Financial Group LLC bought a new position in shares of BitMine Immersion Technologies in the third quarter worth approximately $37,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of BitMine Immersion Technologies in the third quarter worth approximately $38,000. Ankerstar Wealth LLC bought a new position in shares of BitMine Immersion Technologies in the fourth quarter worth approximately $27,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of BitMine Immersion Technologies during the fourth quarter valued at approximately $27,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BMNR shares. Weiss Ratings began coverage on shares of BitMine Immersion Technologies in a research note on Friday, April 17th. They set a “sell (d-)” rating for the company. Cantor Fitzgerald dropped their price target on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.15.

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.