BitMine Immersion Technologies (NYSE:BMNR) Shares Down 7.3% – What’s Next?

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s share price was down 7.3% during mid-day trading on Thursday . The company traded as low as $16.33 and last traded at $16.4370. 21,272,044 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 41,419,609 shares. The stock had previously closed at $17.74.

Analysts Set New Price Targets

BMNR has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Cantor Fitzgerald dropped their target price on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Finally, B. Riley Financial cut their target price on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.65.

BitMine Immersion Technologies Stock Down 4.6%

The firm has a market cap of $9.54 billion and a PE ratio of 316.44. The firm has a 50-day moving average price of $16.39 and a two-hundred day moving average price of $20.60.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%.The firm had revenue of $46.53 million during the quarter. Research analysts forecast 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

Hedge funds and other institutional investors have recently modified their holdings of the business. Milestone Asset Management LLC grew its stake in BitMine Immersion Technologies by 5.6% during the 4th quarter. Milestone Asset Management LLC now owns 8,185 shares of the company’s stock valued at $222,000 after acquiring an additional 432 shares in the last quarter. Certuity LLC lifted its stake in BitMine Immersion Technologies by 0.3% in the 4th quarter. Certuity LLC now owns 180,707 shares of the company’s stock worth $4,906,000 after purchasing an additional 552 shares in the last quarter. Legacy Wealth Managment LLC ID lifted its stake in BitMine Immersion Technologies by 40.8% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock worth $39,000 after purchasing an additional 570 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in BitMine Immersion Technologies by 16.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,620 shares of the company’s stock worth $91,000 after purchasing an additional 658 shares in the last quarter. Finally, Dakota Wealth Management boosted its holdings in shares of BitMine Immersion Technologies by 6.2% during the 4th quarter. Dakota Wealth Management now owns 12,140 shares of the company’s stock worth $330,000 after purchasing an additional 710 shares during the last quarter.

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.