BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Down 6.4% – What’s Next?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) was down 6.4% during trading on Thursday . The stock traded as low as $18.30 and last traded at $18.4380. Approximately 5,228,734 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 45,243,289 shares. The stock had previously closed at $19.69.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald assumed coverage on BitMine Immersion Technologies in a research report on Monday, January 5th. They issued an “overweight” rating and a $39.00 price objective for the company. B. Riley Financial dropped their target price on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Stock Performance

The business has a 50-day moving average of $21.49 and a two-hundred day moving average of $33.89.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last posted its quarterly earnings results on Tuesday, January 13th. The company reported ($0.05) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The firm had revenue of $2.29 million during the quarter.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BMNR. Morgan Stanley boosted its stake in BitMine Immersion Technologies by 25.8% during the fourth quarter. Morgan Stanley now owns 12,197,071 shares of the company’s stock worth $331,151,000 after buying an additional 2,500,368 shares in the last quarter. Marex Group plc increased its holdings in BitMine Immersion Technologies by 560.1% in the 4th quarter. Marex Group plc now owns 10,024,103 shares of the company’s stock valued at $272,154,000 after buying an additional 8,505,421 shares during the period. ARK Investment Management LLC raised its stake in shares of BitMine Immersion Technologies by 26.6% in the 4th quarter. ARK Investment Management LLC now owns 9,457,330 shares of the company’s stock valued at $256,767,000 after buying an additional 1,987,517 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of BitMine Immersion Technologies by 29.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company’s stock worth $133,475,000 after acquiring an additional 1,131,556 shares during the period. Finally, Amova Asset Management Americas Inc. lifted its holdings in shares of BitMine Immersion Technologies by 29.9% during the 4th quarter. Amova Asset Management Americas Inc. now owns 4,911,524 shares of the company’s stock worth $133,397,000 after acquiring an additional 1,129,706 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.