BitMine Immersion Technologies (NYSE:BMNR) Stock Jumps 7.4% – Should You Buy?

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) traded up 7.4% during mid-day trading on Tuesday. The stock traded as high as $23.00 and last traded at $23.1640. Approximately 7,291,382 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 40,308,855 shares. The stock had previously closed at $21.57.

Analyst Upgrades and Downgrades

BMNR has been the topic of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Tuesday, October 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of BitMine Immersion Technologies in a research report on Tuesday, October 6th. B. Riley Financial upped their price target on BitMine Immersion Technologies from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Tuesday, September 22nd. Finally, Wall Street Zen raised BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a report on Saturday, October 10th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $48.80.

BitMine Immersion Technologies Price Performance

The stock’s 50 day moving average price is $24.02 and its two-hundred day moving average price is $20.32. The firm has a market capitalization of $13.73 billion, a price-to-earnings ratio of 455.06 and a beta of 1.52.

Institutional Investors Weigh In On BitMine Immersion Technologies

A number of hedge funds have recently bought and sold shares of the company. Quintet Private Bank Europe S.A. boosted its stake in BitMine Immersion Technologies by 100.0% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 1,150 shares of the company’s stock valued at $30,000 after purchasing an additional 575 shares during the period. Banque Cantonale Vaudoise increased its position in BitMine Immersion Technologies by 72.3% in the 1st quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock worth $37,000 after buying an additional 780 shares during the period. Legacy Wealth Managment LLC ID increased its position in BitMine Immersion Technologies by 40.8% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock worth $39,000 after buying an additional 570 shares during the period. Western Wealth Management LLC acquired a new position in shares of BitMine Immersion Technologies during the first quarter worth approximately $58,000. Finally, Versant Capital Management Inc grew its stake in shares of BitMine Immersion Technologies by 7,455.0% in the third quarter. Versant Capital Management Inc now owns 3,022 shares of the company’s stock worth $80,000 after acquiring an additional 2,982 shares during the last quarter.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc is a digital asset technology company focused on cryptocurrency mining and digital asset treasury operations. The company has developed expertise in immersion-cooling systems designed to improve the efficiency and operating environment of high-performance computing equipment used in cryptocurrency mining.

In addition to its mining-related activities, BitMine has pursued a strategy centered on acquiring and holding digital assets, including Ethereum. Its business may also include cryptocurrency mining, data-center operations, and related infrastructure and services.