BitMine Immersion Technologies (NYSE:BMNR) Shares Down 7.3% – Time to Sell?

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

Analyst Ratings Changes

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

BitMine Immersion Technologies Price Performance

The business has a 50-day simple moving average of $16.58 and a two-hundred day simple moving average of $20.74. The stock has a market cap of $9.92 billion and a price-to-earnings ratio of -126.72.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings data on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. The company had revenue of $46.53 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%. As a group, equities analysts anticipate that BitMine Immersion Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Pilgrim Partners Asia Pte Ltd acquired a new position in BitMine Immersion Technologies during the 4th quarter worth approximately $27,000. Ankerstar Wealth LLC bought a new stake in shares of BitMine Immersion Technologies in the fourth quarter worth $27,000. Lodestone Wealth Management LLC acquired a new stake in BitMine Immersion Technologies in the fourth quarter valued at $30,000. Trust Co. of Vermont increased its holdings in BitMine Immersion Technologies by 424.4% in the fourth 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 during the period. Finally, Banque Cantonale Vaudoise raised its position in BitMine Immersion Technologies by 72.3% during the 1st quarter. Banque Cantonale Vaudoise now owns 1,859 shares of the company’s stock worth $37,000 after purchasing an additional 780 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.