BitMine Immersion Technologies (NYSE:BMNR) Sets New 12-Month Low – Here’s What Happened

BitMine Immersion Technologies, Inc. (NYSE:BMNR) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $12.80 and last traded at $13.3340, with a volume of 37954795 shares. The stock had previously closed at $13.80.

Analysts Set New Price Targets

A number of research firms have recently commented on BMNR. Weiss Ratings began coverage on BitMine Immersion Technologies in a research report on Friday, April 17th. They set a “sell (d-)” rating for the company. Cantor Fitzgerald upgraded shares of BitMine Immersion Technologies to a “strong-buy” rating in a research report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.50.

BitMine Immersion Technologies Trading Down 3.4%

The firm’s 50-day moving average price is $18.69 and its 200-day moving average price is $22.40. The stock has a market capitalization of $7.59 billion and a PE ratio of -102.57.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BMNR. Empowered Funds LLC bought a new stake in shares of BitMine Immersion Technologies in the 1st quarter worth about $926,000. Militia Capital Management LLC purchased a new stake in BitMine Immersion Technologies in the 1st quarter worth about $1,624,000. DV Trading LLC raised its position in BitMine Immersion Technologies by 21,687.2% in the 1st quarter. DV Trading LLC now owns 32,463 shares of the company’s stock worth $642,000 after purchasing an additional 32,314 shares during the period. NewEdge Advisors LLC lifted its stake in BitMine Immersion Technologies by 67.9% in the first quarter. NewEdge Advisors LLC now owns 111,435 shares of the company’s stock worth $2,204,000 after purchasing an additional 45,049 shares during the last quarter. Finally, CTC Alternative Strategies Ltd. bought a new stake in BitMine Immersion Technologies in the first quarter worth about $566,000.

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.