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

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. B. Riley Financial reduced their target price on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Cantor Fitzgerald initiated coverage on BitMine Immersion Technologies in a report on Monday, January 5th. They set an “overweight” rating and a $39.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Stock Performance

The firm’s 50-day simple moving average is $21.49 and its two-hundred day simple moving average is $33.89.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last issued its earnings results on Tuesday, January 13th. The company reported ($0.05) 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.

Hedge Funds Weigh In On BitMine Immersion Technologies

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

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.