BitMine Immersion Technologies (NYSE:BMNR) Reaches New 52-Week Low – What’s Next?

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s stock price reached a new 52-week low on Wednesday . The company traded as low as $12.80 and last traded at $13.3340, with a volume of 37954795 shares traded. The stock had previously closed at $13.80.

Analyst Upgrades and Downgrades

BMNR has been the subject of several research reports. Weiss Ratings assumed coverage on shares of BitMine Immersion Technologies in a research note on Friday, April 17th. They set a “sell (d-)” rating for the company. Cantor Fitzgerald cut their target price on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.15.

BitMine Immersion Technologies Stock Performance

The stock has a fifty day moving average price of $18.37 and a 200-day moving average price of $22.09. The firm has a market cap of $8.18 billion and a PE ratio of -110.52.

BitMine Immersion Technologies (NYSE:BMNR) last posted its quarterly earnings results on Tuesday, April 14th. The company reported ($0.08) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 51,892.77% and a positive return on equity of 5.59%. The business had revenue of $11.04 million during the quarter. As a group, equities analysts predict that BitMine Immersion Technologies, Inc. will post 0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BitMine Immersion Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in BMNR. Milestone Asset Management LLC lifted its position in BitMine Immersion Technologies by 5.6% during the 4th quarter. Milestone Asset Management LLC now owns 8,185 shares of the company’s stock worth $222,000 after acquiring an additional 432 shares in the last quarter. CWA Asset Management Group LLC grew its position in BitMine Immersion Technologies by 3.9% in the fourth quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company’s stock valued at $338,000 after acquiring an additional 470 shares in the last quarter. Strategic Advocates LLC purchased a new stake in shares of BitMine Immersion Technologies during the third quarter valued at approximately $27,000. Certuity LLC raised its stake in shares of BitMine Immersion Technologies by 0.3% during the fourth quarter. Certuity LLC now owns 180,707 shares of the company’s stock valued at $4,906,000 after purchasing an additional 552 shares during the period. Finally, Legacy Wealth Managment LLC ID lifted its position in shares of BitMine Immersion Technologies by 40.8% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock worth $39,000 after purchasing an additional 570 shares in the last quarter.

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.