BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Down – Should You Sell?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) gapped down prior to trading on Tuesday . The stock had previously closed at $31.09, but opened at $30.00. BitMine Immersion Technologies shares last traded at $29.1750, with a volume of 3,196,341 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Zacks Research raised shares of BitMine Immersion Technologies to a “hold” rating in a report on Friday, October 17th. B. Riley lowered their price target on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $47.00.

BitMine Immersion Technologies Stock Performance

The company has a market cap of $12.50 billion and a PE ratio of -66.70. The stock’s 50-day moving average price is $37.83.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last issued its quarterly earnings results on Friday, November 21st. The company reported $15.90 earnings per share for the quarter. The company had revenue of $1.32 million during the quarter. BitMine Immersion Technologies had a net margin of 5,719.06% and a return on equity of 16.02%.

BitMine Immersion Technologies Announces Dividend

The company also recently announced an annual dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 8th will be given a $0.01 dividend. This represents a yield of 3.0%. The ex-dividend date is Monday, December 8th.

Institutional Trading of BitMine Immersion Technologies

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

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.