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

BitMine Immersion Technologies, Inc. (NYSE:BMNR) shares 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 changing hands.

Analyst Upgrades and Downgrades

BMNR has been the topic of a number of research analyst reports. Cantor Fitzgerald upgraded BitMine Immersion Technologies to a “strong-buy” rating in a report on Thursday, April 9th. Weiss Ratings assumed coverage on shares of BitMine Immersion Technologies in a research note on Friday, April 17th. They issued a “sell (d-)” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Trading Down 5.9%

The stock’s 50-day moving average price is $18.88 and its 200-day moving average price is $22.59. The company has a market cap of $7.40 billion and a P/E ratio of -100.28.

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

Institutional Investors Weigh In On BitMine Immersion Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Strategic Advocates LLC acquired a new position in shares of BitMine Immersion Technologies during the third quarter worth approximately $27,000. Financial Life Planners acquired a new stake in BitMine Immersion Technologies in the 3rd quarter valued at $37,000. Larson Financial Group LLC acquired a new stake in BitMine Immersion Technologies in the 3rd quarter valued at $37,000. Northwestern Mutual Wealth Management Co. acquired a new stake in BitMine Immersion Technologies in the 3rd quarter valued at $38,000. Finally, Ankerstar Wealth LLC bought a new stake in BitMine Immersion Technologies during the 4th quarter valued at $27,000.

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.