BitMine Immersion Technologies (NYSE:BMNR) Given New $34.00 Price Target at B. Riley Financial

BitMine Immersion Technologies (NYSE:BMNR) had its target price boosted by B. Riley Financial from $30.00 to $34.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial’s price target would indicate a potential upside of 21.04% from the company’s previous close.

Several other brokerages also recently commented on BMNR. Wall Street Zen downgraded BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 8th. Cantor Fitzgerald upped their price target on BitMine Immersion Technologies from $30.60 to $63.60 and gave the stock an “overweight” rating in a report on Thursday, September 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $48.80.

BitMine Immersion Technologies Stock Performance

Shares of BMNR stock traded down $0.16 during mid-day trading on Tuesday, hitting $28.09. The company’s stock had a trading volume of 13,902,076 shares, compared to its average volume of 41,270,711. The company has a market cap of $16.94 billion, a PE ratio of 559.84 and a beta of 1.61. The company’s fifty day simple moving average is $20.76 and its 200-day simple moving average is $19.66. BitMine Immersion Technologies has a 52 week low of $12.80 and a 52 week high of $65.60.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The company had revenue of $46.53 million during the quarter. On average, equities analysts anticipate that BitMine Immersion Technologies will post 0.06 earnings per share for the current year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several large investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd grew its position in BitMine Immersion Technologies by 252.9% during the second quarter. WINTON GROUP Ltd now owns 411,110 shares of the company’s stock worth $5,472,000 after buying an additional 294,606 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of BitMine Immersion Technologies by 16.5% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 41,195 shares of the company’s stock valued at $548,000 after acquiring an additional 5,828 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of BitMine Immersion Technologies by 52.2% in the 2nd quarter. NewEdge Advisors LLC now owns 169,649 shares of the company’s stock valued at $2,258,000 after acquiring an additional 58,214 shares in the last quarter. IFP Advisors Inc boosted its position in shares of BitMine Immersion Technologies by 103.1% during the 2nd quarter. IFP Advisors Inc now owns 19,354 shares of the company’s stock valued at $258,000 after acquiring an additional 9,826 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of BitMine Immersion Technologies by 4.7% during the 2nd quarter. Allworth Financial LP now owns 21,451 shares of the company’s stock valued at $286,000 after acquiring an additional 959 shares during the last quarter.

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.