BitMine Immersion Technologies (NYSE:BMNR) Trading Down 5.3% – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s share price fell 5.3% on Tuesday . The stock traded as low as $23.72 and last traded at $23.9750. Approximately 14,030,704 shares were traded during mid-day trading, a decline of 66% from the average session volume of 40,968,457 shares. The stock had previously closed at $25.32.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BMNR. Weiss Ratings reissued a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. B. Riley Financial reduced their target price on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Finally, Cantor Fitzgerald lowered their target price on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.65.

BitMine Immersion Technologies Price Performance

The firm has a market capitalization of $13.93 billion, a P/E ratio of 461.90 and a beta of 1.61. The business’s 50-day moving average is $18.00 and its 200 day moving average is $19.22.

BitMine Immersion Technologies (NYSE:BMNR) last announced its earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%.The business had revenue of $46.53 million for the quarter. Analysts anticipate that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On BitMine Immersion Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legacy Wealth Managment LLC ID grew its holdings in shares of BitMine Immersion Technologies by 40.8% during the 1st 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. EverSource Wealth Advisors LLC lifted its position in BitMine Immersion Technologies by 16.6% during the first quarter. EverSource Wealth Advisors LLC now owns 4,620 shares of the company’s stock worth $91,000 after purchasing an additional 658 shares during the period. Kingsview Wealth Management LLC lifted its position in BitMine Immersion Technologies by 4.8% during the fourth quarter. Kingsview Wealth Management LLC now owns 15,467 shares of the company’s stock worth $420,000 after purchasing an additional 711 shares during the period. Larson Financial Group LLC acquired a new stake in BitMine Immersion Technologies during the third quarter worth about $37,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at about $38,000.

About BitMine Immersion Technologies

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.