BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s share price gapped up before the market opened on Friday . The stock had previously closed at $20.55, but opened at $21.76. BitMine Immersion Technologies shares last traded at $22.6330, with a volume of 19,387,272 shares.

Wall Street Analyst Weigh In

BMNR has been the topic of a number of analyst reports. Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a research report on Monday, January 5th. They issued an “overweight” rating and a $39.00 price objective on the stock. B. Riley Financial cut their price objective on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Price Performance

The stock has a fifty day simple moving average of $24.18 and a two-hundred day simple moving average of $36.11.

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

Institutional Investors Weigh In On BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of BMNR. Milestone Asset Management LLC boosted its position in shares of BitMine Immersion Technologies by 5.6% during the 4th quarter. Milestone Asset Management LLC now owns 8,185 shares of the company’s stock worth $222,000 after purchasing an additional 432 shares in the last quarter. CWA Asset Management Group LLC increased its holdings in shares of BitMine Immersion Technologies by 3.9% in the 4th quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company’s stock valued at $338,000 after purchasing an additional 470 shares in the last quarter. CNB Bank purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at about $26,000. Strategic Advocates LLC acquired a new stake in shares of BitMine Immersion Technologies in the third quarter valued at about $27,000. Finally, Certuity LLC lifted its stake in shares of BitMine Immersion Technologies by 0.3% in the fourth quarter. Certuity LLC now owns 180,707 shares of the company’s stock valued at $4,906,000 after purchasing an additional 552 shares during the period.

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.