BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Down – Should You Sell?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s share price gapped down prior to trading on Monday . The stock had previously closed at $20.47, but opened at $19.40. BitMine Immersion Technologies shares last traded at $20.5230, with a volume of 12,477,039 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BMNR. Zacks Research raised shares of BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. Cantor Fitzgerald started coverage on shares of BitMine Immersion Technologies in a research report on Monday, January 5th. They issued an “overweight” rating and a $39.00 price objective for the company. Finally, B. Riley Financial reduced their target price on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, BitMine Immersion Technologies presently has a consensus rating of “Buy” and an average target price of $43.00.

BitMine Immersion Technologies Trading Down 3.9%

The stock’s fifty day moving average price is $29.56 and its 200-day moving average price is $40.29.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last announced its quarterly earnings results on Tuesday, January 13th. The company reported ($0.05) EPS for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The business had revenue of $2.29 million during the quarter.

BitMine Immersion Technologies Announces Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 8th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, December 8th. This represents a dividend yield of 3.0%.

Institutional Trading of BitMine Immersion Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. ARK Investment Management LLC purchased a new position in shares of BitMine Immersion Technologies during the third quarter worth $387,907,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in BitMine Immersion Technologies by 29.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,916,195 shares of the company’s stock worth $133,475,000 after acquiring an additional 1,131,556 shares in the last quarter. Vanguard Group Inc. boosted its holdings in BitMine Immersion Technologies by 65.7% during the 4th quarter. Vanguard Group Inc. now owns 4,742,559 shares of the company’s stock valued at $128,760,000 after acquiring an additional 1,880,793 shares during the period. Amova Asset Management Americas Inc. purchased a new position in BitMine Immersion Technologies during the 3rd quarter valued at about $196,503,000. Finally, Geode Capital Management LLC grew its position in BitMine Immersion Technologies by 65.3% in the 4th quarter. Geode Capital Management LLC now owns 3,384,840 shares of the company’s stock valued at $91,940,000 after acquiring an additional 1,336,706 shares in 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.