BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Down – Here’s Why

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shares gapped down before the market opened on Monday . The stock had previously closed at $20.47, but opened at $19.40. BitMine Immersion Technologies shares last traded at $20.5230, with a volume of 12,477,039 shares.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on BMNR shares. Cantor Fitzgerald started coverage on BitMine Immersion Technologies in a research note on Monday, January 5th. They set an “overweight” rating and a $39.00 price objective on the stock. B. Riley Financial reduced their target price on BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Finally, Zacks Research upgraded shares of BitMine Immersion Technologies to a “hold” rating in a report on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $43.00.

BitMine Immersion Technologies Price Performance

The firm has a 50-day moving average price of $29.95 and a 200 day moving average price of $40.58.

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

BitMine Immersion Technologies Announces Dividend

The company also recently declared an annual dividend, which was paid on Monday, December 29th. Shareholders of record on Monday, December 8th were issued a $0.01 dividend. This represents a yield of 3.0%. The ex-dividend date of this dividend was Monday, December 8th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. ARK Investment Management LLC bought a new stake in BitMine Immersion Technologies during the third quarter worth about $387,907,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in BitMine Immersion Technologies by 29.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company’s stock valued at $133,475,000 after purchasing an additional 1,131,556 shares during the period. Vanguard Group Inc. grew its position in shares of BitMine Immersion Technologies by 65.7% during the fourth quarter. Vanguard Group Inc. now owns 4,742,559 shares of the company’s stock worth $128,760,000 after purchasing an additional 1,880,793 shares in the last quarter. Amova Asset Management Americas Inc. bought a new position in BitMine Immersion Technologies during the third quarter valued at approximately $196,503,000. Finally, Pantera Capital Partners LP purchased a new position in BitMine Immersion Technologies in the third quarter worth about $122,036,000.

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.