BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading Down 9.7% – What’s Next?

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) were down 9.7% during trading on Thursday . The company traded as low as $26.67 and last traded at $26.7680. Approximately 29,689,966 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 42,025,047 shares. The stock had previously closed at $29.63.

Analyst Ratings Changes

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

BitMine Immersion Technologies Price Performance

The company has a 50-day moving average price of $31.02 and a 200 day moving average price of $41.51.

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

BitMine Immersion Technologies Dividend Announcement

The firm also recently announced an annual dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 8th were issued a $0.01 dividend. The ex-dividend date of this dividend was Monday, December 8th. This represents a dividend yield of 3.0%.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of institutional investors and hedge funds have recently modified their holdings of BMNR. ARK Investment Management LLC purchased a new stake in BitMine Immersion Technologies in the 3rd quarter worth about $387,907,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of BitMine Immersion Technologies during the third quarter worth approximately $196,536,000. Amova Asset Management Americas Inc. purchased a new position in BitMine Immersion Technologies during the 3rd quarter worth $196,503,000. Vanguard Group Inc. bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at $148,612,000. Finally, Pantera Capital Partners LP bought a new position in shares of BitMine Immersion Technologies during the third quarter valued at approximately $122,036,000.

BitMine Immersion Technologies Company Profile

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.