ARK Investment Management LLC Invests $387.91 Million in BitMine Immersion Technologies, Inc. $BMNR

ARK Investment Management LLC bought a new stake in shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 7,469,813 shares of the company’s stock, valued at approximately $387,907,000. BitMine Immersion Technologies comprises about 2.3% of ARK Investment Management LLC’s holdings, making the stock its 12th biggest position. ARK Investment Management LLC owned about 2.67% of BitMine Immersion Technologies at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of brokerages have issued reports on BMNR. B. Riley Financial decreased their price target on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd. 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 target price on the stock. Two 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.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Stock Up 7.9%

Shares of BitMine Immersion Technologies stock opened at $21.12 on Thursday. BitMine Immersion Technologies, Inc. has a twelve month low of $3.20 and a twelve month high of $161.00. The company has a fifty day moving average price of $25.31 and a 200 day moving average price of $37.61.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its quarterly earnings results 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 company had revenue of $2.29 million during the quarter.

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.