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

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) gapped down before the market opened on Monday . The stock had previously closed at $28.80, but opened at $27.75. BitMine Immersion Technologies shares last traded at $28.0270, with a volume of 9,120,185 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BMNR shares. Zacks Research upgraded BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. B. Riley cut their price target on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Finally, Cantor Fitzgerald assumed coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They set an “overweight” rating and a $39.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, BitMine Immersion Technologies presently has a consensus rating of “Buy” and an average price target of $43.00.

BitMine Immersion Technologies Price Performance

The stock’s 50-day moving average price is $31.13 and its 200-day moving average price is $41.80.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last issued its earnings results on Tuesday, January 13th. The company reported ($12.74) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a positive return on equity of 7.89% and a negative net margin of 67,546.19%.The business had revenue of $2.29 million during the quarter.

BitMine Immersion Technologies Announces Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 8th were given a dividend of $0.01 per share. The ex-dividend date was Monday, December 8th. This represents a yield of 3.0%.

Institutional Investors Weigh In On BitMine Immersion Technologies

Large investors have recently added to or reduced their stakes in the stock. CWA Asset Management Group LLC boosted its holdings in shares of BitMine Immersion Technologies by 3.9% during the fourth quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company’s stock valued at $338,000 after acquiring an additional 470 shares during the period. CNB Bank acquired a new stake in shares of BitMine Immersion Technologies in the 3rd quarter worth about $26,000. Strategic Advocates LLC bought a new stake in BitMine Immersion Technologies in the 3rd quarter valued at about $27,000. Quintet Private Bank Europe S.A. bought a new stake in BitMine Immersion Technologies in the 3rd quarter valued at about $30,000. Finally, Guerra Advisors Inc acquired a new position in BitMine Immersion Technologies during the 3rd quarter valued at about $31,000.

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.