BitMine Immersion Technologies (NYSE:BMNR) Shares Down 6.6% – Should You Sell?

BitMine Immersion Technologies, Inc. (NYSE:BMNR) traded down 6.6% during trading on Wednesday. The company traded as low as $24.54 and last traded at $24.4750. Approximately 9,921,315 shares were traded during trading, a decline of 76% from the average daily volume of 40,743,070 shares. The stock had previously closed at $26.20.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wall Street Zen lowered BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 8th. Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Cantor Fitzgerald reiterated an “overweight” rating on shares of BitMine Immersion Technologies in a report on Tuesday. Finally, B. Riley Financial lifted their price target on BitMine Immersion Technologies from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, BitMine Immersion Technologies presently has an average rating of “Hold” and a consensus target price of $48.80.

BitMine Immersion Technologies Stock Down 6.7%

The stock has a market capitalization of $14.75 billion, a P/E ratio of 489.38 and a beta of 1.52. The stock has a 50 day simple moving average of $23.06 and a two-hundred day simple moving average of $20.13.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. The company had revenue of $46.53 million during the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. Sell-side analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Weiss Asset Management LP raised its stake in BitMine Immersion Technologies by 363.6% in the first quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company’s stock valued at $85,614,000 after buying an additional 3,394,677 shares during the period. Entropy Technologies LP acquired a new stake in BitMine Immersion Technologies during the 1st quarter valued at $1,906,000. Dimensional Fund Advisors LP bought a new position in BitMine Immersion Technologies during the first quarter worth $4,275,000. Corient Private Wealth LP increased its holdings in shares of BitMine Immersion Technologies by 89.5% in the second quarter. Corient Private Wealth LP now owns 77,285 shares of the company’s stock valued at $1,029,000 after purchasing an additional 36,495 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of BitMine Immersion Technologies by 612.7% in the first quarter. The Manufacturers Life Insurance Company now owns 132,063 shares of the company’s stock valued at $2,612,000 after purchasing an additional 113,532 shares during the period.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and the management of digital assets. Its operations have included the use of immersion-cooling technology, which is designed to improve the efficiency and operating environment of specialized computing equipment used in cryptocurrency mining.

The company has also shifted its strategic focus toward building and managing a treasury of digital assets, particularly Ethereum, while continuing to evaluate opportunities in cryptocurrency mining, blockchain infrastructure and related technologies.