B. Riley Financial Cuts BitMine Immersion Technologies (NYSE:BMNR) Price Target to $25.00

BitMine Immersion Technologies (NYSE:BMNR) had its price target cut by B. Riley Financial from $33.00 to $25.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently commented on the company. Weiss Ratings assumed coverage on BitMine Immersion Technologies in a research report on Friday, April 17th. They set a “sell (d-)” rating for the company. Cantor Fitzgerald lowered their price target on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.65.

BitMine Immersion Technologies Price Performance

Shares of NYSE:BMNR opened at $15.73 on Thursday. The firm has a fifty day moving average price of $16.87 and a two-hundred day moving average price of $21.01. BitMine Immersion Technologies has a one year low of $12.80 and a one year high of $71.74. The company has a market cap of $9.49 billion and a price-to-earnings ratio of -120.98.

BitMine Immersion Technologies (NYSE:BMNR) last released 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 firm had revenue of $46.53 million during the quarter. Equities research analysts expect that BitMine Immersion Technologies will post -8.41 EPS for the current fiscal year.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several hedge funds have recently added to or reduced their stakes in the company. Strategic Advocates LLC bought a new position in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $27,000. Larson Financial Group LLC bought a new stake in BitMine Immersion Technologies in the 3rd quarter worth approximately $37,000. Northwestern Mutual Wealth Management Co. bought a new stake in BitMine Immersion Technologies in the 3rd quarter worth approximately $38,000. Ankerstar Wealth LLC purchased a new stake in BitMine Immersion Technologies in the fourth quarter worth approximately $27,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in BitMine Immersion Technologies during the fourth quarter valued at approximately $27,000.

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.