BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Down 7.8% – Here’s Why

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price fell 7.8% during trading on Monday . The stock traded as low as $32.07 and last traded at $32.1260. 24,693,800 shares were traded during trading, an increase of 1% from the average session volume of 24,518,701 shares. The stock had previously closed at $34.86.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BMNR. Zacks Research upgraded shares of BitMine Immersion Technologies to a “hold” rating in a report on Friday, October 17th. B. Riley lowered their price objective on BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, BitMine Immersion Technologies currently has a consensus rating of “Buy” and an average price target of $47.00.

BitMine Immersion Technologies Trading Down 5.8%

The stock’s 50 day moving average is $40.94. The company has a market cap of $12.59 billion and a price-to-earnings ratio of -67.06.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last announced its quarterly earnings data on Friday, November 21st. The company reported $15.90 earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a return on equity of 16.02% and a net margin of 5,719.06%.The firm had revenue of $1.32 million during the quarter.

BitMine Immersion Technologies Dividend Announcement

The firm also recently announced an annual dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 8th will be given a dividend of $0.01 per share. The ex-dividend date is Monday, December 8th. This represents a dividend yield of 3.0%.

Hedge Funds Weigh In On BitMine Immersion Technologies

A number of large investors have recently added to or reduced their stakes in BMNR. ARK Investment Management LLC acquired a new stake in shares of BitMine Immersion Technologies in the third quarter valued at about $387,907,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $196,536,000. Amova Asset Management Americas Inc. purchased a new position in BitMine Immersion Technologies during the third quarter worth approximately $196,503,000. Vanguard Group Inc. acquired a new position in BitMine Immersion Technologies during the third quarter worth $148,612,000. Finally, Pantera Capital Partners LP purchased a new stake in BitMine Immersion Technologies in the 3rd quarter valued at $122,036,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.