Envestnet Asset Management Inc. Invests $5.56 Million in BitMine Immersion Technologies, Inc. $BMNR

Envestnet Asset Management Inc. purchased a new stake in BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 107,076 shares of the company’s stock, valued at approximately $5,560,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $196,536,000. Strong Tower Advisory Services acquired a new position in BitMine Immersion Technologies during the 3rd quarter worth $14,354,000. Thames Capital Management LLC bought a new position in BitMine Immersion Technologies in the third quarter valued at about $11,868,000. Halter Ferguson Financial Inc. bought a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at about $11,318,000. Finally, Oriental Harbor Investment Master Fund bought a new position in BitMine Immersion Technologies in the third quarter valued at approximately $9,652,000.

BitMine Immersion Technologies Stock Performance

Shares of BMNR stock opened at $20.13 on Monday. The firm has a 50 day moving average price of $26.93 and a two-hundred day moving average price of $39.52. BitMine Immersion Technologies, Inc. has a 12-month low of $3.20 and a 12-month high of $161.00.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last posted its quarterly earnings data on Tuesday, January 13th. The company reported ($0.05) earnings per share 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 firm had revenue of $2.29 million for the quarter.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BMNR shares. Cantor Fitzgerald initiated coverage on BitMine Immersion Technologies in a research report on Monday, January 5th. They set an “overweight” rating and a $39.00 target price for the company. B. Riley Financial 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 note on Thursday, November 20th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $43.00.

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.