BitMine Immersion Technologies (NYSE:BMNR) Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of BitMine Immersion Technologies (NYSE:BMNR) from a sell rating to a strong sell rating in a research report sent to investors on Tuesday morning,Wall Street Zen reports.

Several other analysts also recently weighed in on BMNR. Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Cantor Fitzgerald cut their price target on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a report on Wednesday, July 1st. B. Riley Financial increased their price objective on BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Finally, B Riley reissued a “buy” rating on shares of BitMine Immersion Technologies in a research report on Thursday, September 3rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.80.

BitMine Immersion Technologies Price Performance

BitMine Immersion Technologies stock opened at $24.26 on Tuesday. BitMine Immersion Technologies has a fifty-two week low of $12.80 and a fifty-two week high of $65.60. The firm has a fifty day moving average price of $19.34 and a two-hundred day moving average price of $19.41. The firm has a market cap of $14.63 billion, a price-to-earnings ratio of 485.14 and a beta of 1.61.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. The business had revenue of $46.53 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%. As a group, sell-side analysts expect that BitMine Immersion Technologies will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several hedge funds have recently made changes to their positions in the stock. Ankerstar Wealth LLC bought a new position in BitMine Immersion Technologies during the fourth quarter valued at about $27,000. Banque Cantonale Vaudoise raised its holdings in BitMine Immersion Technologies by 72.3% in the 1st quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock valued at $37,000 after acquiring an additional 780 shares in the last quarter. Larson Financial Group LLC bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth approximately $37,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth approximately $38,000. Finally, Legacy Wealth Managment LLC ID lifted its position 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 worth $39,000 after acquiring an additional 570 shares during the period.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.