BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Down 5.8% – Here’s Why

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) fell 5.8% on Monday . The stock traded as low as $21.84 and last traded at $21.6220. 12,952,471 shares changed hands during trading, a decline of 71% from the average session volume of 45,169,141 shares. The stock had previously closed at $22.95.

Wall Street Analysts Forecast Growth

BMNR has been the topic of several recent analyst reports. B. Riley Financial reduced their target price on BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Cantor Fitzgerald raised BitMine Immersion Technologies to a “strong-buy” rating in a report on Thursday, April 9th. 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 company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $34.50.

BitMine Immersion Technologies Price Performance

The stock’s 50 day simple moving average is $20.64 and its two-hundred day simple moving average is $30.46.

Hedge Funds Weigh In On BitMine Immersion Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Marex Group plc grew its position in shares of 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 purchasing an additional 8,505,421 shares during the period. ARK Investment Management LLC bought a new position in BitMine Immersion Technologies in the third quarter valued at approximately $387,907,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of BitMine Immersion Technologies in the third quarter valued at approximately $196,536,000. Amova Asset Management Americas Inc. bought a new stake in shares of BitMine Immersion Technologies during the third quarter worth $196,503,000. Finally, Mozayyx Management LLC bought a new stake in shares of BitMine Immersion Technologies during the fourth quarter worth $90,500,000.

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.