BitMine Immersion Technologies (NYSE:BMNR) Stock Price Breaks Above 200 Day Moving Average – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $20.87 and traded as high as $22.38. BitMine Immersion Technologies shares last traded at $21.7430, with a volume of 36,091,818 shares traded.

Analysts Set New Price Targets

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

BitMine Immersion Technologies Price Performance

The firm’s 50-day moving average is $24.26 and its two-hundred day moving average is $20.87. The company has a market cap of $13.12 billion, a P/E ratio of 434.86 and a beta of 1.80.

Hedge Funds Weigh In On BitMine Immersion Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Pinnacle Wealth Planning Services Inc. raised its position in shares of BitMine Immersion Technologies by 1,696.6% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,060 shares of the company’s stock valued at $28,000 after buying an additional 1,001 shares in the last quarter. Quintet Private Bank Europe S.A. lifted its holdings in shares of BitMine Immersion Technologies by 100.0% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 1,150 shares of the company’s stock valued at $30,000 after acquiring an additional 575 shares during the last quarter. Legacy Wealth Managment LLC ID lifted its holdings in shares of 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 valued at $39,000 after acquiring an additional 570 shares during the last quarter. Western Wealth Management LLC purchased a new position in BitMine Immersion Technologies in the first quarter worth about $58,000. Finally, Versant Capital Management Inc grew its position in 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 in the last quarter.

BitMine Immersion Technologies Company Profile

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.