BitMine Immersion Technologies (NYSE:BMNR) Stock Price Target Cut by B. Riley Financial

BitMine Immersion Technologies (NYSE:BMNR) had its target price cut by equities researchers at B. Riley Financial from $34.00 to $27.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial‘s price objective points to a potential upside of 53.65% from the company’s previous close.

Several other research firms have also commented on BMNR. Zacks Research upgraded shares of BitMine Immersion Technologies from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 10th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of BitMine Immersion Technologies in a research report on Tuesday, October 6th. Wall Street Zen upgraded shares of BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. Finally, Weiss Ratings raised shares of BitMine Immersion Technologies from a “sell (d-)” rating to a “sell (d)” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.30.

BitMine Immersion Technologies Stock Down 4.8%

NYSE:BMNR traded down $0.88 during mid-day trading on Friday, reaching $17.57. The company’s stock had a trading volume of 23,942,103 shares, compared to its average volume of 30,613,488. BitMine Immersion Technologies has a 1 year low of $12.80 and a 1 year high of $42.08. The stock has a fifty day moving average of $23.40 and a 200-day moving average of $20.51. The firm has a market capitalization of $11.01 billion, a PE ratio of -1.03 and a beta of 1.80.

BitMine Immersion Technologies (NYSE:BMNR) last issued its earnings results on Tuesday, November 10th. The company reported ($10.57) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a positive return on equity of 0.23% and a negative net margin of 5,058.36%. The business had revenue of $64.94 million for the quarter. On average, analysts expect that BitMine Immersion Technologies will post 0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Weiss Asset Management LP raised its position in shares of BitMine Immersion Technologies by 363.6% in the 1st quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock worth $85,614,000 after acquiring an additional 3,394,677 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in BitMine Immersion Technologies during the second quarter valued at about $20,069,000. California Public Employees Retirement System bought a new stake in BitMine Immersion Technologies during the first quarter valued at about $14,072,000. Commonwealth Equity Services LLC boosted its position in BitMine Immersion Technologies by 98.4% during the third quarter. Commonwealth Equity Services LLC now owns 616,063 shares of the company’s stock valued at $16,283,000 after purchasing an additional 305,539 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in BitMine Immersion Technologies by 113.8% in the third quarter. Marshall Wace LLP now owns 520,369 shares of the company’s stock valued at $13,753,000 after purchasing an additional 4,298,419 shares during the last quarter.

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.