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

BitMine Immersion Technologies, Inc. (NYSE:BMNR) gapped down before the market opened on Thursday. The stock had previously closed at $19.24, but opened at $17.79. BitMine Immersion Technologies shares last traded at $18.0710, with a volume of 5,342,468 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on BMNR. Wall Street Zen raised BitMine Immersion Technologies from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. B. Riley Financial upped their price objective on shares of BitMine Immersion Technologies from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday, September 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Tuesday, October 13th. Zacks Research upgraded shares of BitMine Immersion Technologies from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of BitMine Immersion Technologies in a research report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, BitMine Immersion Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $48.80.

BitMine Immersion Technologies Stock Performance

The firm has a market capitalization of $11.27 billion, a price-to-earnings ratio of -1.09 and a beta of 1.80. The business has a fifty day moving average price of $23.67 and a 200 day moving average price of $20.61.

BitMine Immersion Technologies (NYSE:BMNR) last issued its earnings results on Tuesday, November 10th. The company reported ($10.57) earnings per share for the quarter. BitMine Immersion Technologies had a negative net margin of 5,058.36% and a positive return on equity of 0.25%. The firm had revenue of $64.94 million during the quarter. On average, analysts expect that BitMine Immersion Technologies, Inc. will post 0.23 earnings per share for the current year.

Institutional Trading of BitMine Immersion Technologies

A number of institutional investors have recently modified their holdings of the company. Citizens Financial Group Inc. RI increased its position in BitMine Immersion Technologies by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 32,730 shares of the company’s stock worth $865,000 after purchasing an additional 484 shares in the last quarter. Legacy Wealth Managment LLC ID raised its holdings in BitMine Immersion Technologies by 40.8% in the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company’s stock valued at $39,000 after buying an additional 570 shares during the period. Quintet Private Bank Europe S.A. raised its holdings in BitMine Immersion Technologies by 100.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 1,150 shares of the company’s stock valued at $30,000 after buying an additional 575 shares during the period. Allworth Financial LP lifted its position in BitMine Immersion Technologies by 3.0% during the third quarter. Allworth Financial LP now owns 22,099 shares of the company’s stock valued at $584,000 after buying an additional 648 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in BitMine Immersion Technologies by 16.6% during the first quarter. EverSource Wealth Advisors LLC now owns 4,620 shares of the company’s stock valued at $91,000 after buying an additional 658 shares in the last quarter.

About BitMine Immersion Technologies

BitMine Immersion Technologies is a digital-asset company whose business has included Bitcoin mining and immersion-cooling technology. Immersion cooling uses liquid to manage the heat generated by computing equipment and can support the operation of mining hardware. The company has shifted its strategic focus toward acquiring and holding Ether as a treasury asset. Its history in Bitcoin mining and cooling technology provides context for its involvement in digital-asset infrastructure, while its current strategy centers on Ether.