ARK Investment Management LLC Acquires Shares of 7,469,813 BitMine Immersion Technologies, Inc. $BMNR

ARK Investment Management LLC purchased a new position in shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 7,469,813 shares of the company’s stock, valued at approximately $387,907,000. BitMine Immersion Technologies accounts for about 2.3% of ARK Investment Management LLC’s holdings, making the stock its 12th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Insigneo Advisory Services LLC acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter valued at approximately $1,569,000. Cresset Asset Management LLC bought a new stake in BitMine Immersion Technologies during the third quarter valued at $703,000. CI Investments Inc. acquired a new stake in shares of BitMine Immersion Technologies during the third quarter worth $171,000. Kingsview Wealth Management LLC bought a new position in shares of BitMine Immersion Technologies in the 3rd quarter worth about $766,000. Finally, London & Capital Asset Management Ltd acquired a new position in shares of BitMine Immersion Technologies in the 3rd quarter valued at about $3,687,000.

BitMine Immersion Technologies Price Performance

NYSEAMERICAN:BMNR opened at $21.12 on Thursday. BitMine Immersion Technologies, Inc. has a 1 year low of $3.20 and a 1 year high of $161.00. The business has a fifty day moving average of $25.31 and a 200-day moving average of $37.61.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on BMNR. B. Riley Financial cut their target price on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Cantor Fitzgerald started coverage on BitMine Immersion Technologies in a research report on Monday, January 5th. They set an “overweight” rating and a $39.00 price target on the stock. Two investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies 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.