BitMine Immersion Technologies (NYSE:BMNR) Trading Down 10% – Here’s Why

BitMine Immersion Technologies, Inc. (NYSE:BMNR) fell 10% during mid-day trading on Friday . The company traded as low as $16.25 and last traded at $16.0970. 10,102,456 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 42,133,547 shares. The stock had previously closed at $17.89.

Analyst Upgrades and Downgrades

BMNR has been the subject of several recent research reports. Cantor Fitzgerald raised shares of BitMine Immersion Technologies to a “strong-buy” rating in a research report on Thursday, April 9th. B. Riley Financial reduced their price objective on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Finally, Weiss Ratings began coverage on shares of BitMine Immersion Technologies in a report on Friday, April 17th. They issued a “sell (d-)” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Stock Performance

The stock has a 50 day moving average of $20.56 and a two-hundred day moving average of $24.54. The firm has a market capitalization of $9.16 billion and a P/E ratio of -124.12.

BitMine Immersion Technologies (NYSE:BMNR) last announced its earnings results on Tuesday, April 14th. The company reported ($0.08) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a positive return on equity of 5.59% and a negative net margin of 51,892.77%.The company had revenue of $11.04 million for the quarter. Sell-side analysts predict that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. State of Michigan Retirement System grew its position in shares of BitMine Immersion Technologies by 141.7% in the fourth quarter. State of Michigan Retirement System now owns 145,000 shares of the company’s stock valued at $3,937,000 after purchasing an additional 85,000 shares during the last quarter. ARK Investment Management LLC acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth about $387,907,000. Blue Sky Capital Consultants Group Inc. lifted its position in shares of BitMine Immersion Technologies by 340.5% during the 4th quarter. Blue Sky Capital Consultants Group Inc. now owns 95,799 shares of the company’s stock worth $2,601,000 after purchasing an additional 74,052 shares during the last quarter. Menard Financial Group LLC bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at approximately $2,595,000. Finally, Vanguard Group Inc. bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at approximately $148,612,000.

BitMine Immersion Technologies Company Profile

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.