Citigroup Inc. Purchases New Position in BitMine Immersion Technologies, Inc. $BMNR

Citigroup Inc. acquired a new stake in BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,921 shares of the company’s stock, valued at approximately $2,540,000.

Other hedge funds also recently made changes to their positions in the company. CNB Bank purchased a new stake in BitMine Immersion Technologies during the 3rd quarter valued at approximately $26,000. Quintet Private Bank Europe S.A. purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $30,000. Guerra Advisors Inc purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $31,000. Wellington Shields Capital Management LLC acquired a new position in shares of BitMine Immersion Technologies in the third quarter valued at approximately $31,000. Finally, HM Payson & Co. acquired a new position in shares of BitMine Immersion Technologies in the third quarter valued at approximately $35,000.

BitMine Immersion Technologies Trading Down 7.2%

Shares of NYSEAMERICAN BMNR opened at $18.88 on Friday. BitMine Immersion Technologies, Inc. has a 52 week low of $3.20 and a 52 week high of $161.00. The firm has a 50-day moving average price of $24.94 and a 200 day moving average price of $37.24.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last issued its quarterly earnings data on Tuesday, January 13th. The company reported ($0.05) earnings per share (EPS) for the quarter. The firm had revenue of $2.29 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 7.89% and a negative net margin of 67,546.19%.

Wall Street Analysts Forecast Growth

BMNR has been the topic of several recent research reports. Cantor Fitzgerald started coverage on shares of BitMine Immersion Technologies in a research note on Monday, January 5th. They issued an “overweight” rating and a $39.00 price objective on the stock. B. Riley Financial reduced their target price on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $34.50.

BitMine Immersion Technologies Company Profile

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.