BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Down 6.4% – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price dropped 6.4% on Thursday . The company traded as low as $18.30 and last traded at $18.4380. Approximately 5,228,734 shares traded hands during trading, a decline of 88% from the average daily volume of 45,243,289 shares. The stock had previously closed at $19.69.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BMNR. Cantor Fitzgerald assumed coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They issued an “overweight” rating and a $39.00 price target on the stock. B. Riley Financial cut their target price on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $34.50.

BitMine Immersion Technologies Price Performance

The company’s fifty day moving average is $21.12 and its 200 day moving average is $33.55.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BMNR. Strong Tower Advisory Services purchased a new position in BitMine Immersion Technologies in the 3rd quarter worth approximately $14,354,000. Robeco Institutional Asset Management B.V. acquired a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $7,270,000. Voya Investment Management LLC purchased a new stake in shares of BitMine Immersion Technologies during the third quarter valued at approximately $2,327,000. ARK Investment Management LLC purchased a new stake in shares of BitMine Immersion Technologies during the third quarter valued at approximately $387,907,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth $196,536,000.

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.