B. Riley Financial Cuts BitMine Immersion Technologies (NYSE:BMNR) Price Target to $25.00

BitMine Immersion Technologies (NYSE:BMNR) had its target price cut by B. Riley Financial from $33.00 to $25.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley Financial’s target price points to a potential upside of 59.73% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald decreased their target price on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Weiss Ratings began coverage on shares of BitMine Immersion Technologies in a report on Friday, April 17th. They issued a “sell (d-)” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.65.

BitMine Immersion Technologies Stock Performance

BMNR stock traded down $0.14 during trading on Thursday, hitting $15.65. 17,476,748 shares of the company traded hands, compared to its average volume of 41,683,250. The company has a 50-day moving average of $17.13 and a 200-day moving average of $21.14. BitMine Immersion Technologies has a 1 year low of $12.80 and a 1 year high of $71.74. The firm has a market capitalization of $8.91 billion and a PE ratio of -120.42.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. The company had revenue of $46.53 million during the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.49%. Sell-side analysts expect that BitMine Immersion Technologies will post 0.29 EPS for the current year.

Institutional Trading of BitMine Immersion Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMNR. Strategic Advocates LLC bought a new position in BitMine Immersion Technologies in the 3rd quarter worth $27,000. Pilgrim Partners Asia Pte Ltd bought a new position in BitMine Immersion Technologies in the fourth quarter worth about $27,000. Ankerstar Wealth LLC purchased a new stake in BitMine Immersion Technologies in the fourth quarter worth about $27,000. Lodestone Wealth Management LLC purchased a new stake in BitMine Immersion Technologies in the fourth quarter worth about $30,000. Finally, Trust Co. of Vermont boosted its position in BitMine Immersion Technologies by 424.4% during the 4th quarter. Trust Co. of Vermont now owns 1,180 shares of the company’s stock valued at $32,000 after acquiring an additional 955 shares in the last quarter.

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.