B. Riley Financial Has Lowered Expectations for BitMine Immersion Technologies (NYSE:BMNR) Stock Price

BitMine Immersion Technologies (NYSE:BMNR) had its target price lowered by B. Riley Financial from $33.00 to $25.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial’s price target suggests a potential upside of 58.95% from the stock’s previous close.

BMNR has been the subject of several other reports. Cantor Fitzgerald decreased their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Weiss Ratings initiated coverage on shares of BitMine Immersion Technologies in a research report on Friday, April 17th. They set a “sell (d-)” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.65.

BitMine Immersion Technologies Stock Performance

BitMine Immersion Technologies stock opened at $15.73 on Thursday. The stock has a 50-day moving average of $16.87 and a two-hundred day moving average of $21.01. BitMine Immersion Technologies has a one year low of $12.80 and a one year high of $71.74. The stock has a market cap of $9.49 billion and a PE ratio of -120.98.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%.The business had revenue of $46.53 million during the quarter. As a group, sell-side analysts predict that BitMine Immersion Technologies will post 0.29 EPS for the current fiscal year.

Institutional Trading of BitMine Immersion Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMNR. Rhumbline Advisers acquired a new position in shares of BitMine Immersion Technologies in the third quarter valued at about $305,000. Blair William & Co. IL purchased a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $444,000. CreativeOne Wealth LLC purchased a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $282,000. Jefferies Financial Group Inc. purchased a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $508,000. Finally, Banque Cantonale Vaudoise acquired a new position in BitMine Immersion Technologies in the 3rd quarter worth approximately $56,000.

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.