BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up – Should You Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $29.32, but opened at $31.19. BitMine Immersion Technologies shares last traded at $30.63, with a volume of 8,924,137 shares traded.

Wall Street Analyst Weigh In

Several research firms recently commented on BMNR. B. Riley 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 report on Thursday, November 20th. Zacks Research upgraded shares of BitMine Immersion Technologies to a “hold” rating in a research report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $47.00.

BitMine Immersion Technologies Price Performance

The company has a market cap of $13.19 billion and a price-to-earnings ratio of -69.39. The company’s 50-day simple moving average is $40.33.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last announced its earnings results on Friday, November 21st. The company reported $15.90 earnings per share for the quarter. The firm had revenue of $1.32 million during the quarter. BitMine Immersion Technologies had a net margin of 5,719.06% and a return on equity of 16.02%.

BitMine Immersion Technologies Announces Dividend

The company also recently announced an annual dividend, which will be paid on Monday, December 29th. Investors of record on Monday, December 8th will be given a dividend of $0.01 per share. The ex-dividend date is Monday, December 8th. This represents a yield of 3.0%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. ARK Investment Management LLC acquired a new stake in shares of BitMine Immersion Technologies during the third quarter worth $387,907,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in BitMine Immersion Technologies during the third quarter worth about $196,536,000. Amova Asset Management Americas Inc. acquired a new stake in BitMine Immersion Technologies in the 3rd quarter worth about $196,503,000. Vanguard Group Inc. purchased a new stake in BitMine Immersion Technologies in the 3rd quarter valued at about $148,612,000. Finally, Pantera Capital Partners LP acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $122,036,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.