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

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) gapped down prior to trading on Friday . The stock had previously closed at $26.45, but opened at $25.34. BitMine Immersion Technologies shares last traded at $24.8920, with a volume of 11,815,879 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Cantor Fitzgerald lowered their price objective on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. B. Riley Financial upped their price target on shares of BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Finally, B Riley reaffirmed a “buy” rating on shares of BitMine Immersion Technologies in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.15.

BitMine Immersion Technologies Stock Down 4.8%

The stock’s fifty day moving average price is $18.26 and its 200-day moving average price is $19.26. The company has a market capitalization of $15.19 billion, a price-to-earnings ratio of 503.70 and a beta of 1.61.

BitMine Immersion Technologies (NYSE:BMNR) last announced its earnings results on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%.The business had revenue of $46.53 million for the quarter. Analysts anticipate that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Trading of BitMine Immersion Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC bought a new stake in BitMine Immersion Technologies during the third quarter worth about $37,000. Northwestern Mutual Wealth Management Co. bought a new position in BitMine Immersion Technologies in the third quarter valued at approximately $38,000. Ankerstar Wealth LLC acquired a new position in shares of BitMine Immersion Technologies during the 4th quarter worth approximately $27,000. Banque Cantonale Vaudoise acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $56,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $62,000.

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.