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

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) gapped down prior to trading on Tuesday . The stock had previously closed at $25.76, but opened at $24.59. BitMine Immersion Technologies shares last traded at $24.2780, with a volume of 7,573,842 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BMNR. B Riley reaffirmed a “buy” rating on shares of BitMine Immersion Technologies in a report on Thursday, September 3rd. B. Riley Financial increased their price target on shares of BitMine Immersion Technologies from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Cantor Fitzgerald raised their price target on shares of BitMine Immersion Technologies from $30.60 to $63.60 and gave the stock an “overweight” rating in a research report on Thursday, September 10th. Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. Finally, Wall Street Zen downgraded shares of BitMine Immersion Technologies from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 8th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, BitMine Immersion Technologies presently has an average rating of “Hold” and a consensus target price of $46.80.

BitMine Immersion Technologies Price Performance

The firm’s fifty day simple moving average is $19.76 and its 200 day simple moving average is $19.50. The company has a market capitalization of $14.66 billion, a PE ratio of 488.48 and a beta of 1.61.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. WINTON GROUP Ltd lifted its holdings in BitMine Immersion Technologies by 252.9% in the second quarter. WINTON GROUP Ltd now owns 411,110 shares of the company’s stock valued at $5,472,000 after acquiring an additional 294,606 shares during the period. Integrated Wealth Concepts LLC grew its stake in shares of BitMine Immersion Technologies by 16.5% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 41,195 shares of the company’s stock worth $548,000 after purchasing an additional 5,828 shares during the period. NewEdge Advisors LLC increased its holdings in shares of BitMine Immersion Technologies by 52.2% during the 2nd quarter. NewEdge Advisors LLC now owns 169,649 shares of the company’s stock valued at $2,258,000 after purchasing an additional 58,214 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of BitMine Immersion Technologies by 103.1% during the 2nd quarter. IFP Advisors Inc now owns 19,354 shares of the company’s stock valued at $258,000 after purchasing an additional 9,826 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in shares of BitMine Immersion Technologies by 4.7% in the 2nd quarter. Allworth Financial LP now owns 21,451 shares of the company’s stock valued at $286,000 after purchasing an additional 959 shares during the period.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc is a digital asset and blockchain technology company focused on cryptocurrency mining and digital asset infrastructure. Its historical operations have centered on Bitcoin mining, using immersion-cooling technology to manage the heat generated by high-performance computing equipment and support more efficient mining operations.

The company has since expanded its strategy to include digital asset treasury activities, with an emphasis on acquiring and holding Ethereum.