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

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $31.16, but opened at $28.77. BitMine Immersion Technologies shares last traded at $28.5860, with a volume of 10,616,464 shares traded.

Analyst Ratings Changes

BMNR has been the topic of several recent analyst reports. Zacks Research upgraded BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. 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 target price for the company. Finally, B. Riley dropped their price target on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $43.00.

BitMine Immersion Technologies Price Performance

The company has a 50 day simple moving average of $31.24 and a 200-day simple moving average of $41.89.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last announced its quarterly earnings data on Tuesday, January 13th. The company reported ($12.74) earnings per share for the quarter. The firm had revenue of $2.29 million during the quarter. BitMine Immersion Technologies had a positive return on equity of 7.89% and a negative net margin of 67,546.19%.

BitMine Immersion Technologies Announces Dividend

The business also recently announced an annual dividend, which was paid on Monday, December 29th. Shareholders of record on Monday, December 8th were given a dividend of $0.01 per share. The ex-dividend date was Monday, December 8th. This represents a dividend yield of 3.0%.

Institutional Trading of BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CWA Asset Management Group LLC increased its position in shares of BitMine Immersion Technologies by 3.9% during the fourth quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company’s stock valued at $338,000 after buying an additional 470 shares during the period. CNB Bank bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $26,000. Strategic Advocates LLC bought a new stake in BitMine Immersion Technologies during the 3rd quarter worth approximately $27,000. Quintet Private Bank Europe S.A. purchased a new stake in BitMine Immersion Technologies in the 3rd quarter worth approximately $30,000. Finally, Guerra Advisors Inc bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at $31,000.

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.