BitMine Immersion Technologies (NYSE:BMNR) Stock Rating Upgraded by Zacks Research

BitMine Immersion Technologies (NYSE:BMNR) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks reports.

A number of other brokerages have also issued reports on BMNR. Cantor Fitzgerald restated an “overweight” rating on shares of BitMine Immersion Technologies in a research note on Tuesday, October 6th. Wall Street Zen upgraded BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. 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 research note on Tuesday, September 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, BitMine Immersion Technologies presently has an average rating of “Moderate Buy” and an average price target of $48.80.

BitMine Immersion Technologies Trading Up 6.3%

NYSE BMNR opened at $19.22 on Tuesday. The company has a fifty day simple moving average of $23.67 and a two-hundred day simple moving average of $20.61. The stock has a market cap of $11.59 billion, a P/E ratio of 150.67 and a beta of 1.80. BitMine Immersion Technologies has a 12-month low of $12.80 and a 12-month high of $42.08.

BitMine Immersion Technologies (NYSE:BMNR) last posted its quarterly earnings data on Tuesday, November 10th. The company reported ($10.57) EPS for the quarter. The company had revenue of $64.94 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 0.25% and a negative net margin of 5,058.36%. As a group, sell-side analysts forecast that BitMine Immersion Technologies will post 0.23 earnings per share for the current year.

Institutional Trading of BitMine Immersion Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Pinnacle Wealth Planning Services Inc. boosted its holdings in shares of BitMine Immersion Technologies by 1,696.6% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 1,060 shares of the company’s stock valued at $28,000 after acquiring an additional 1,001 shares during the last quarter. Quintet Private Bank Europe S.A. increased its stake in shares of BitMine Immersion Technologies by 100.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 1,150 shares of the company’s stock worth $30,000 after acquiring an additional 575 shares during the period. Legacy Wealth Managment LLC ID increased its stake in shares of BitMine Immersion Technologies by 40.8% in the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock worth $39,000 after acquiring an additional 570 shares during the period. Continuum Advisory LLC purchased a new position in shares of BitMine Immersion Technologies during the second quarter worth $53,000. Finally, Western Wealth Management LLC purchased a new position in shares of BitMine Immersion Technologies during the first quarter worth $58,000.

About BitMine Immersion Technologies

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.