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

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) gapped down before the market opened on Tuesday . The stock had previously closed at $31.10, but opened at $29.89. BitMine Immersion Technologies shares last traded at $30.2560, with a volume of 11,134,495 shares traded.

Analyst Ratings Changes

Several brokerages recently commented on BMNR. B. Riley reduced their target price on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Zacks Research raised BitMine Immersion Technologies to a “hold” rating in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, BitMine Immersion Technologies presently has an average rating of “Buy” and a consensus price target of $47.00.

BitMine Immersion Technologies Trading Down 2.5%

The company has a market capitalization of $8.47 billion and a price-to-earnings ratio of -68.97. The business’s 50 day moving average is $47.89.

BitMine Immersion Technologies Dividend Announcement

The company also recently announced an annual dividend, which will be paid on Monday, December 29th. Investors of record on Monday, December 8th will be issued a $0.01 dividend. This represents a dividend yield of 4.0%. The ex-dividend date is Monday, December 8th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. CNB Bank acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth about $26,000. Quintet Private Bank Europe S.A. bought a new position in shares of BitMine Immersion Technologies in the third quarter valued at approximately $30,000. Guerra Advisors Inc purchased a new position in shares of BitMine Immersion Technologies during the third quarter valued at approximately $31,000. Wellington Shields Capital Management LLC purchased a new stake in BitMine Immersion Technologies in the 3rd quarter valued at $31,000. Finally, HM Payson & Co. bought a new position in BitMine Immersion Technologies during the 3rd quarter valued at $35,000.

About BitMine Immersion Technologies

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