BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Down 4.9% – Should You Sell?

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) traded down 4.9% during mid-day trading on Friday . The company traded as low as $34.32 and last traded at $34.7790. 25,688,308 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 21,626,104 shares. The stock had previously closed at $36.57.

Analyst Ratings Changes

Several analysts have commented on BMNR shares. Zacks Research upgraded shares of BitMine Immersion Technologies to a “hold” rating in a report on Friday, October 17th. B. Riley assumed coverage on BitMine Immersion Technologies in a research report on Wednesday, October 15th. They issued a “buy” rating and a $90.00 target price for the company. Finally, ThinkEquity upgraded BitMine Immersion Technologies to a “strong-buy” rating in a research report on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $90.00.

BitMine Immersion Technologies Trading Down 5.9%

The company’s 50 day moving average is $50.18. The firm has a market capitalization of $9.62 billion and a price-to-earnings ratio of -78.18.

Institutional Investors Weigh In On BitMine Immersion Technologies

Hedge funds have recently added to or reduced their stakes in the stock. ARK Investment Management LLC purchased a new position in shares of BitMine Immersion Technologies in the 3rd quarter worth about $387,907,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at about $196,536,000. Amova Asset Management Americas Inc. bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at about $196,503,000. Vanguard Group Inc. purchased a new position in BitMine Immersion Technologies in the third quarter worth about $148,612,000. Finally, JPMorgan Chase & Co. bought a new position in shares of BitMine Immersion Technologies in the third quarter worth approximately $102,517,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.