BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Down 4.9% – Here’s Why

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shares traded down 4.9% during trading on Friday . The stock traded as low as $34.32 and last traded at $34.7790. 25,688,308 shares were traded during mid-day trading, an increase of 19% from the average session volume of 21,626,104 shares. The stock had previously closed at $36.57.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BMNR. ThinkEquity upgraded shares of BitMine Immersion Technologies to a “strong-buy” rating in a research note on Monday, July 21st. Zacks Research upgraded BitMine Immersion Technologies to a “hold” rating in a research report on Friday, October 17th. Finally, B. Riley assumed coverage on BitMine Immersion Technologies in a research note on Wednesday, October 15th. They issued a “buy” rating and a $90.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $90.00.

BitMine Immersion Technologies Price Performance

The stock has a market cap of $9.61 billion and a PE ratio of -78.10. The company’s 50-day simple moving average is $50.33.

Institutional Trading of BitMine Immersion Technologies

Hedge funds have recently modified their holdings of the company. ARK Investment Management LLC purchased a new stake in BitMine Immersion Technologies in the 3rd quarter valued at $387,907,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $196,536,000. Amova Asset Management Americas Inc. acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $196,503,000. Vanguard Group Inc. acquired a new position in BitMine Immersion Technologies in the third quarter valued at approximately $148,612,000. Finally, JPMorgan Chase & Co. purchased a new position in BitMine Immersion Technologies in the third quarter worth approximately $102,517,000.

BitMine Immersion Technologies Company Profile

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