BitMine Immersion Technologies (NYSE:BMNR) Trading Down 10% – Here’s Why

BitMine Immersion Technologies, Inc. (NYSE:BMNR)’s stock price traded down 10% on Friday . The company traded as low as $16.25 and last traded at $16.0970. 10,102,456 shares were traded during mid-day trading, a decline of 76% from the average session volume of 42,133,547 shares. The stock had previously closed at $17.89.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BMNR. Cantor Fitzgerald upgraded BitMine Immersion Technologies to a “strong-buy” rating in a report on Thursday, April 9th. Weiss Ratings assumed coverage on shares of BitMine Immersion Technologies in a report on Friday, April 17th. They set a “sell (d-)” rating on the stock. Finally, B. Riley Financial reduced their price target on shares of BitMine Immersion Technologies from $47.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, BitMine Immersion Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $34.50.

BitMine Immersion Technologies Price Performance

The firm has a market cap of $9.16 billion and a PE ratio of -124.12. The business has a fifty day moving average price of $20.56 and a two-hundred day moving average price of $24.54.

BitMine Immersion Technologies (NYSE:BMNR) last announced its quarterly earnings data on Tuesday, April 14th. The company reported ($0.08) EPS 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 business had revenue of $11.04 million for the quarter. As a group, sell-side analysts forecast that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Michigan Retirement System grew its stake in BitMine Immersion Technologies by 141.7% in the fourth quarter. State of Michigan Retirement System now owns 145,000 shares of the company’s stock valued at $3,937,000 after purchasing an additional 85,000 shares in the last quarter. ARK Investment Management LLC purchased a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth about $387,907,000. Blue Sky Capital Consultants Group Inc. raised its stake in shares of BitMine Immersion Technologies by 340.5% during the 4th quarter. Blue Sky Capital Consultants Group Inc. now owns 95,799 shares of the company’s stock worth $2,601,000 after purchasing an additional 74,052 shares in the last quarter. Menard Financial Group LLC acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $2,595,000. Finally, Vanguard Group Inc. bought a new stake in shares of BitMine Immersion Technologies in the 3rd quarter valued at approximately $148,612,000.

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.