BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Down – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR) gapped down prior to trading on Tuesday . The stock had previously closed at $13.80, but opened at $13.20. BitMine Immersion Technologies shares last traded at $13.2210, with a volume of 6,140,254 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BMNR. Weiss Ratings began coverage on shares of BitMine Immersion Technologies in a report on Friday, April 17th. They set a “sell (d-)” rating on the stock. Cantor Fitzgerald upgraded BitMine Immersion Technologies to a “strong-buy” rating in a report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.50.

BitMine Immersion Technologies Stock Down 5.9%

The stock has a 50 day moving average of $18.88 and a 200 day moving average of $22.59. The company has a market capitalization of $7.40 billion and a price-to-earnings ratio of -100.28.

BitMine Immersion Technologies (NYSE:BMNR) last released its earnings results on Tuesday, April 14th. The company reported ($0.08) earnings per share for the quarter. The firm had revenue of $11.04 million for the quarter. BitMine Immersion Technologies had a negative net margin of 51,892.77% and a positive return on equity of 5.59%. As a group, sell-side analysts anticipate that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of hedge funds have recently bought and sold shares of BMNR. Strategic Advocates LLC acquired a new stake in BitMine Immersion Technologies during the 3rd quarter worth about $27,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of BitMine Immersion Technologies in the 4th quarter valued at about $27,000. Ankerstar Wealth LLC acquired a new position in shares of BitMine Immersion Technologies in the 4th quarter valued at about $27,000. Lodestone Wealth Management LLC bought a new stake in shares of BitMine Immersion Technologies during the 4th quarter valued at about $30,000. Finally, Trust Co. of Vermont boosted its position in shares of BitMine Immersion Technologies by 424.4% during the 4th quarter. Trust Co. of Vermont now owns 1,180 shares of the company’s stock valued at $32,000 after purchasing an additional 955 shares in 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.