BitMine Immersion Technologies (NYSE:BMNR) Posts Quarterly Earnings Results

BitMine Immersion Technologies (NYSE:BMNR) issued its quarterly earnings results on Tuesday. The company reported ($10.57) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $64.94 million during the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%.

BitMine Immersion Technologies Stock Performance

Shares of NYSE:BMNR traded down $0.53 on Tuesday, hitting $18.08. The stock had a trading volume of 32,566,413 shares, compared to its average volume of 39,798,910. The firm’s 50 day moving average price is $23.90 and its 200-day moving average price is $20.71. BitMine Immersion Technologies has a twelve month low of $12.80 and a twelve month high of $42.08. The company has a market capitalization of $10.91 billion, a price-to-earnings ratio of 361.64 and a beta of 1.80.

Hedge Funds Weigh In On BitMine Immersion Technologies

Institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC lifted its stake in shares of BitMine Immersion Technologies by 77.3% during the third quarter. Voya Investment Management LLC now owns 420,390 shares of the company’s stock valued at $11,111,000 after acquiring an additional 183,240 shares during the period. Global Retirement Partners LLC increased its position in BitMine Immersion Technologies by 15.9% in the third quarter. Global Retirement Partners LLC now owns 20,116 shares of the company’s stock worth $532,000 after purchasing an additional 2,762 shares during the period. Chaney Capital Management Inc. acquired a new stake in BitMine Immersion Technologies in the third quarter worth about $226,000. Harbour Investments Inc. raised its holdings in BitMine Immersion Technologies by 16.1% during the 3rd quarter. Harbour Investments Inc. now owns 13,788 shares of the company’s stock worth $364,000 after purchasing an additional 1,911 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in BitMine Immersion Technologies by 3.0% during the 3rd quarter. Allworth Financial LP now owns 22,099 shares of the company’s stock worth $584,000 after purchasing an additional 648 shares during the last quarter.

Analysts Set New Price Targets

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

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies is a digital-asset company whose business has included Bitcoin mining and immersion-cooling technology. Immersion cooling uses liquid to manage the heat generated by computing equipment and can support the operation of mining hardware. The company has shifted its strategic focus toward acquiring and holding Ether as a treasury asset. Its history in Bitcoin mining and cooling technology provides context for its involvement in digital-asset infrastructure, while its current strategy centers on Ether.