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Blockchain technology company BitMine Immersion Technologies Inc. (NYSE:BMNR) is set to report the results of the fourth quarter and full year ending Aug. 31 before the opening bell on Friday. Here’s what investors should focus on before the announcement.
BitMine underwent a pivot earlier this year, transforming from a traditional Bitcoin (CRYPTO: BTC) mining operator to the world's largest corporate holder of Ethereum (CRYPTO: ETH). Wall Street veteran and Fundstrat co-founder Tom Lee took over as the company’s chair.
As of this writing, it holds 3,559,879 ETH in its treasury, worth $10.78 billion, according to CoinGecko.
B. Riley Securities initiated a “Buy” rating for the stock last month and issued a price target of $90, implying a 208% upside from current levels.
Notably, Rep. Cleo Fields (D-La.) holds an active position in the company, as tracked by the Benzinga Government Trades page.
Moreover, Cathie Wood’s Ark Invest purchased approximately $7.65 million worth of the shares on Wednesday.
See Also: Bitcoin Flat As Fed Policy Meet Looms; Ethereum, Dogecoin, XRP Decline: Analyst Flags Support Where They Plan To ‘Load Heavily' On ETH
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a "Sell” signal for the stock, according to TradingView.
The Stochastic Relative Strength Index, which measures momentum and identifies overbought or oversold conditions, meanwhile, flashed a “Buy.” The Bull Bear Power indicator, which measures the strength of buyers and sellers, showed a “Neutral” reading.
Short interest, ié, the total number of shares that have been sold short but have not yet been covered, in BitMine stood at 16.3% as of this writing.
Price Action: BMNR shares were up 4.18% pre-market after closing 9.60% lower at $29.18 during Wednesday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has surged 274%.
According to Benzinga’s Edge Stock Rankings, BMNR exhibits a weaker price trend in the short and medium term but demonstrates a positive outlook over the long-term horizon. Find out more about the stock here.
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