BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Trading Down 9.7% – Should You Sell?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s share price was down 9.7% during mid-day trading on Thursday . The stock traded as low as $26.67 and last traded at $26.7680. Approximately 29,689,966 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 42,025,047 shares. The stock had previously closed at $29.63.

Wall Street Analysts Forecast Growth

BMNR has been the subject of several analyst reports. B. Riley dropped their price target on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Zacks Research upgraded BitMine Immersion Technologies to a “hold” rating in a research report on Friday, October 17th. Finally, Cantor Fitzgerald assumed coverage on BitMine Immersion Technologies in a research note on Monday, January 5th. They issued an “overweight” rating and a $39.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $43.00.

BitMine Immersion Technologies Stock Down 9.9%

The firm has a fifty day simple moving average of $31.02 and a 200-day simple moving average of $41.51.

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

BitMine Immersion Technologies Dividend Announcement

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

Institutional Trading of BitMine Immersion Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Kestra Private Wealth Services LLC grew its stake in BitMine Immersion Technologies by 10.6% in the 4th quarter. Kestra Private Wealth Services LLC now owns 116,908 shares of the company’s stock valued at $3,174,000 after purchasing an additional 11,239 shares during the period. State of Michigan Retirement System boosted its position in BitMine Immersion Technologies by 141.7% during the fourth quarter. State of Michigan Retirement System now owns 145,000 shares of the company’s stock worth $3,937,000 after purchasing an additional 85,000 shares during the period. Vanguard Group Inc. raised its position in shares of BitMine Immersion Technologies by 65.7% in the fourth quarter. Vanguard Group Inc. now owns 4,742,559 shares of the company’s stock valued at $128,760,000 after purchasing an additional 1,880,793 shares during the period. Sava Infond d.o.o. bought a new position in shares of BitMine Immersion Technologies in the fourth quarter worth $163,000. Finally, Concurrent Investment Advisors LLC increased its holdings in BitMine Immersion Technologies by 343.4% during the 4th quarter. Concurrent Investment Advisors LLC now owns 53,111 shares of the company’s stock worth $1,442,000 after acquiring an additional 41,133 shares during the period.

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.