Sovran Advisors LLC Purchases 38,965 Shares of BitMine Immersion Technologies, Inc. $BMNR

Sovran Advisors LLC lifted its position in shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) by 24.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 199,022 shares of the company’s stock after purchasing an additional 38,965 shares during the quarter. Sovran Advisors LLC’s holdings in BitMine Immersion Technologies were worth $5,403,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of BMNR. ARK Investment Management LLC acquired a new stake in BitMine Immersion Technologies in the 3rd quarter valued at $387,907,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at $196,536,000. Amova Asset Management Americas Inc. acquired a new position in BitMine Immersion Technologies during the third quarter worth $196,503,000. Vanguard Group Inc. acquired a new position in BitMine Immersion Technologies during the third quarter worth $148,612,000. Finally, Pantera Capital Partners LP bought a new position in shares of BitMine Immersion Technologies in the third quarter valued at $122,036,000.

BitMine Immersion Technologies Stock Performance

Shares of BitMine Immersion Technologies stock opened at $19.45 on Friday. The stock has a fifty day simple moving average of $21.12 and a 200 day simple moving average of $33.40. 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 released its quarterly earnings results on Tuesday, January 13th. The company reported ($0.05) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The company had revenue of $2.29 million during the quarter.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BMNR. Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They set an “overweight” rating and a $39.00 price objective for the company. B. Riley Financial lowered 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. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $34.50.

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.