BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Down – Time to Sell?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) shares gapped down prior to trading on Monday . The stock had previously closed at $25.10, but opened at $22.88. BitMine Immersion Technologies shares last traded at $23.68, with a volume of 22,697,495 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. B. Riley dropped 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. Zacks Research upgraded shares of BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. Finally, Cantor Fitzgerald initiated coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They issued an “overweight” rating and a $39.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, BitMine Immersion Technologies currently has an average rating of “Buy” and an average price target of $43.00.

BitMine Immersion Technologies Trading Down 7.2%

The business has a 50-day simple moving average of $31.01 and a two-hundred day simple moving average of $41.28.

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

BitMine Immersion Technologies Announces Dividend

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

Institutional Investors Weigh In On BitMine Immersion Technologies

Several hedge funds have recently bought and sold shares of BMNR. Milestone Asset Management LLC grew its position in shares of BitMine Immersion Technologies by 5.6% in the fourth quarter. Milestone Asset Management LLC now owns 8,185 shares of the company’s stock valued at $222,000 after purchasing an additional 432 shares during the last quarter. CWA Asset Management Group LLC boosted its stake in BitMine Immersion Technologies by 3.9% in the 4th quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company’s stock valued at $338,000 after purchasing an additional 470 shares during the period. CNB Bank bought a new position in BitMine Immersion Technologies during the 3rd quarter worth $26,000. Strategic Advocates LLC acquired a new stake in shares of BitMine Immersion Technologies during the third quarter worth $27,000. Finally, Certuity LLC lifted its holdings in shares of BitMine Immersion Technologies by 0.3% during the fourth quarter. Certuity LLC now owns 180,707 shares of the company’s stock worth $4,906,000 after buying an additional 552 shares in 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.