BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Down 4.9% – What’s Next?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s share price dropped 4.9% during mid-day trading on Friday . The stock traded as low as $34.32 and last traded at $34.7790. Approximately 25,688,308 shares changed hands during trading, an increase of 19% from the average daily volume of 21,626,104 shares. The stock had previously closed at $36.57.

Analysts Set New Price Targets

BMNR has been the topic of several recent analyst reports. ThinkEquity raised BitMine Immersion Technologies to a “strong-buy” rating in a report on Monday, July 21st. Zacks Research raised shares of BitMine Immersion Technologies to a “hold” rating in a report on Friday, October 17th. Finally, B. Riley assumed coverage on BitMine Immersion Technologies in a report on Wednesday, October 15th. They set a “buy” rating and a $90.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $90.00.

BitMine Immersion Technologies Price Performance

The stock has a 50 day moving average price of $50.33. The stock has a market cap of $9.61 billion and a price-to-earnings ratio of -78.10.

Institutional Trading of BitMine Immersion Technologies

Several hedge funds have recently added to or reduced their stakes in BMNR. ARK Investment Management LLC bought a new stake in shares of BitMine Immersion Technologies in the third quarter valued at about $387,907,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in BitMine Immersion Technologies during the 3rd quarter worth $196,536,000. Amova Asset Management Americas Inc. bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at $196,503,000. Vanguard Group Inc. bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at $148,612,000. Finally, JPMorgan Chase & Co. acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at $102,517,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.