BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Up 7.8% – Should You Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shares rose 7.8% on Friday . The company traded as high as $30.95 and last traded at $30.6340. Approximately 8,425,502 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 24,945,492 shares. The stock had previously closed at $28.43.

Analyst Ratings Changes

BMNR has been the topic of a number of research reports. Zacks Research raised shares of BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. B. Riley dropped their price target on BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $47.00.

BitMine Immersion Technologies Stock Up 10.3%

The stock has a market cap of $13.35 billion and a price-to-earnings ratio of -71.27. The company has a fifty day simple moving average of $39.29.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last posted its quarterly earnings data on Friday, November 21st. The company reported $15.90 earnings per share for the quarter. BitMine Immersion Technologies had a net margin of 5,719.06% and a return on equity of 16.02%. The company had revenue of $1.32 million during the quarter.

BitMine Immersion Technologies Dividend Announcement

The firm also recently announced an annual dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 8th will be issued a $0.01 dividend. The ex-dividend date is Monday, December 8th. This represents a dividend yield of 3.0%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC acquired a new position in BitMine Immersion Technologies during the 3rd quarter worth about $387,907,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of BitMine Immersion Technologies in the third quarter worth about $196,536,000. Amova Asset Management Americas Inc. acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth approximately $196,503,000. Vanguard Group Inc. acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth approximately $148,612,000. Finally, Pantera Capital Partners LP bought a new stake in shares of BitMine Immersion Technologies during the third quarter valued at approximately $122,036,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc (NYSE American: BMNR) is an engineering and technology company specializing in immersion cooling solutions for digital asset mining and high-performance computing (HPC) applications. The company develops proprietary direct-to-chip systems that submerge servers in non-conductive dielectric fluids to efficiently remove heat, enabling clients to achieve higher processing density and improved energy efficiency.

BitMine offers turnkey services spanning system design, equipment supply, installation and ongoing maintenance.