BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Up 9.8% – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE American: BMNR) shares rose 9.8% during mid-day trading on Friday. The stock traded as high as $29.56 and last traded at $29.8110. Approximately 16,431,930 shares changed hands during trading, a decline of 61% from the average daily volume of 42,078,052 shares. The stock had previously closed at $27.15. Wall Street Analysts Forecast Growth A number of analysts have issued reports on the stock. Zacks Research upgraded shares of BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. B. Riley cut their target price on shares of 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. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $47.00. BitMine Immersion Technologies Trading Up 14.9% The company has a market cap of $13.28 billion and a P/E ratio of -70.88. The stock has a fifty day moving average price of $34.73. BitMine Immersion Technologies (NYSE American: BMNR) last announced its quarterly earnings data on Friday, November 21st. The company reported $15.90 EPS for the quarter. The business had revenue of $1.32 million during the quarter. BitMine Immersion Technologies had a return on equity of 16.02% and a net margin of 5,719.06%. BitMine Immersion Technologies Announces Dividend The company also recently disclosed an annual dividend, which was paid on Monday, December 29th. Shareholders of record on Monday, December 8th were given a $0.01 dividend. The ex-dividend date of this dividend was Monday, December 8th. This represents a dividend yield of 3.0%. Hedge Funds Weigh In On BitMine Immersion Technologies A number of institutional investors and hedge funds have recently modified their holdings of BMNR. Finivi Inc. acquired a new stake in BitMine Immersion Technologies in the third quarter valued at $506,000. FNY Investment Advisers LLC raised its position in shares of BitMine Immersion Technologies by 954.0% during the 3rd quarter. FNY Investment Advisers LLC now owns 17,918 shares of the company’s stock worth $930,000 after acquiring an additional 16,218 shares in the last quarter. IFP Advisors Inc purchased a new stake in BitMine Immersion Technologies during the third quarter worth approximately $1,409,000. Strategic Advocates LLC acquired a new position in BitMine Immersion Technologies in the third quarter valued at approximately $27,000. Finally, JPMorgan Chase & Co. purchased a new position in BitMine Immersion Technologies in the third quarter valued at approximately $102,517,000. About BitMine Immersion Technologies (BitMine Immersion Technologies, Inc) 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.