BitMine Immersion Technologies (NYSE:BMNR) Trading Down 8.1% – Here’s Why

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) fell 8.1% during trading on Friday . The company traded as low as $16.76 and last traded at $16.6090. 6,233,602 shares changed hands during trading, a decline of 85% from the average session volume of 41,219,875 shares. The stock had previously closed at $18.08.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BMNR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. Cantor Fitzgerald lowered their price target 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. Finally, B. Riley Financial dropped their price objective on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, BitMine Immersion Technologies presently has an average rating of “Moderate Buy” and an average price target of $27.65.

BitMine Immersion Technologies Trading Down 6.6%

The company has a market cap of $10.19 billion and a PE ratio of 337.82. The firm has a 50 day moving average of $16.27 and a two-hundred day moving average of $20.14.

BitMine Immersion Technologies (NYSE:BMNR) last posted 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, research analysts forecast that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Hedge Funds Weigh In On BitMine Immersion Technologies

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

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.