BitMine Immersion Technologies (NYSE:BMNR) Shares Gap Down – What’s Next?

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $13.80, but opened at $13.20. BitMine Immersion Technologies shares last traded at $13.2210, with a volume of 6,140,254 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BMNR shares. Weiss Ratings assumed coverage on BitMine Immersion Technologies in a report on Friday, April 17th. They set a “sell (d-)” rating on the stock. Cantor Fitzgerald reduced their target price on shares of BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating for the company in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, BitMine Immersion Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.15.

BitMine Immersion Technologies Price Performance

The firm’s 50 day moving average is $18.52 and its two-hundred day moving average is $22.23. The firm has a market capitalization of $8.07 billion and a P/E ratio of -109.04.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings data on Tuesday, April 14th. The company reported ($0.08) earnings per share for the quarter. The firm had revenue of $11.04 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 5.59% and a negative net margin of 51,892.77%. Analysts anticipate that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers acquired a new position in shares of BitMine Immersion Technologies in the third quarter valued at approximately $305,000. Vanguard Group Inc. bought a new position in shares of BitMine Immersion Technologies in the third quarter worth $148,612,000. Citigroup Inc. bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at about $2,540,000. EverSource Wealth Advisors LLC bought a new position in BitMine Immersion Technologies in the third quarter valued at approximately $131,000. Finally, US Bancorp DE acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth $752,000.

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.