BitMine Immersion Technologies (NYSE:BMNR) Stock Price Target Lowered at B. Riley Financial

BitMine Immersion Technologies (NYSE:BMNR) had its price objective lowered by B. Riley Financial from $34.00 to $27.00 in a research note released on Friday,Benzinga reports. B. Riley Financial currently has a buy rating on the stock.

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

BitMine Immersion Technologies Price Performance

NYSE:BMNR traded down $0.88 during mid-day trading on Friday, reaching $17.57. The stock had a trading volume of 23,942,103 shares, compared to its average volume of 30,613,488. The stock has a 50-day simple moving average of $23.40 and a two-hundred day simple moving average of $20.51. The stock has a market capitalization of $11.01 billion, a PE ratio of -1.03 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 announced its quarterly earnings data on Tuesday, November 10th. The company reported ($10.57) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 5,058.36% and a positive return on equity of 0.23%. The firm had revenue of $64.94 million for the quarter. Equities analysts expect that BitMine Immersion Technologies will post 0.23 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Pinnacle Wealth Planning Services Inc. boosted its holdings 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 acquiring an additional 1,001 shares in the last quarter. Quintet Private Bank Europe S.A. grew its position 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 worth $30,000 after acquiring an additional 575 shares during the last quarter. Legacy Wealth Managment LLC ID increased its holdings 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 purchasing an additional 570 shares in the last quarter. Western Wealth Management LLC acquired a new position in BitMine Immersion Technologies in the 1st quarter worth about $58,000. Finally, Versant Capital Management Inc increased its holdings in BitMine Immersion Technologies by 7,455.0% in the 3rd quarter. Versant Capital Management Inc now owns 3,022 shares of the company’s stock worth $80,000 after purchasing an additional 2,982 shares in the last quarter.

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.