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

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shares gapped down prior to trading 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.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BMNR shares. B. Riley decreased their target price on BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Zacks Research raised BitMine Immersion Technologies to a “hold” rating in a research report on Friday, October 17th. Finally, Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a research note on Monday, January 5th. They set an “overweight” rating and a $39.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $43.00.

BitMine Immersion Technologies Price Performance

The stock has a fifty day simple moving average of $31.85.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its quarterly earnings results 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 negative net margin of 67,546.19% and a positive return on equity of 7.89%.

BitMine Immersion Technologies Announces Dividend

The firm 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 Trading of BitMine Immersion Technologies

A number of institutional investors have recently bought and sold shares of the stock. Strong Tower Advisory Services purchased a new stake in shares of BitMine Immersion Technologies during the third quarter worth about $14,354,000. Robeco Institutional Asset Management B.V. acquired a new position in BitMine Immersion Technologies in the third quarter valued at approximately $7,270,000. Voya Investment Management LLC purchased a new position in BitMine Immersion Technologies in the third quarter worth approximately $2,327,000. Commonwealth Equity Services LLC purchased a new stake in BitMine Immersion Technologies in the third quarter valued at $7,022,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth about $196,536,000.

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.