BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Down – Should You Sell?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price 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 traded.

Analysts Set New Price Targets

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

BitMine Immersion Technologies Stock Up 4.7%

The stock’s 50 day moving average price is $29.95 and its 200-day moving average price is $40.58.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last released its earnings results on Tuesday, January 13th. The company reported ($12.74) earnings per share 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.

BitMine Immersion Technologies Announces Dividend

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

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of institutional investors have recently bought and sold shares of the business. Wellington Shields & Co. LLC boosted its holdings in BitMine Immersion Technologies by 123.8% in the 4th quarter. Wellington Shields & Co. LLC now owns 9,400 shares of the company’s stock worth $255,000 after buying an additional 5,200 shares during the last quarter. Harbour Investments Inc. boosted its stake in shares of BitMine Immersion Technologies by 19.8% during the fourth quarter. Harbour Investments Inc. now owns 6,844 shares of the company’s stock worth $186,000 after buying an additional 1,132 shares during the period. SLT Holdings LLC lifted its holdings in shares of BitMine Immersion Technologies by 55.2% in the 4th quarter. SLT Holdings LLC now owns 31,925 shares of the company’s stock valued at $867,000 after buying an additional 11,350 shares during the period. Prospera Financial Services Inc grew its holdings in BitMine Immersion Technologies by 81.0% in the fourth quarter. Prospera Financial Services Inc now owns 30,144 shares of the company’s stock valued at $818,000 after purchasing an additional 13,494 shares during the last quarter. Finally, Boundless Plain Holdings Ltd acquired a new position in shares of BitMine Immersion Technologies in the fourth quarter worth $16,911,000.

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.