BitMine Immersion Technologies (NYSE:BMNR) Stock Price Down 5.3% – What’s Next?

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) fell 5.3% on Tuesday . The stock traded as low as $23.72 and last traded at $23.9750. Approximately 14,030,704 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 40,968,457 shares. The stock had previously closed at $25.32.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BMNR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of BitMine Immersion Technologies in a research report on Wednesday, July 15th. B. Riley Financial decreased their target price on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Finally, Cantor Fitzgerald lowered their price target on BitMine Immersion Technologies from $39.00 to $30.30 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.65.

BitMine Immersion Technologies Stock Performance

The company has a market capitalization of $13.97 billion, a P/E ratio of 463.20 and a beta of 1.28. The stock has a fifty day moving average of $17.65 and a 200 day moving average of $19.17.

BitMine Immersion Technologies (NYSE:BMNR) last issued its quarterly earnings results on Tuesday, July 14th. The company reported ($128.25) EPS for the quarter. BitMine Immersion Technologies had a positive return on equity of 3.35% and a negative net margin of 14,306.56%.The company had revenue of $46.53 million during the quarter. Research analysts anticipate that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On BitMine Immersion Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of BMNR. Larson Financial Group LLC bought a new position in shares of BitMine Immersion Technologies in the third quarter worth about $37,000. Northwestern Mutual Wealth Management Co. bought a new stake in BitMine Immersion Technologies during the 3rd quarter valued at approximately $38,000. Ankerstar Wealth LLC bought a new stake in BitMine Immersion Technologies during the 4th quarter valued at approximately $27,000. Pilgrim Partners Asia Pte Ltd purchased a new position in BitMine Immersion Technologies in the 4th quarter worth approximately $27,000. Finally, Banque Cantonale Vaudoise purchased a new position in BitMine Immersion Technologies in the 3rd quarter worth approximately $56,000.

BitMine Immersion Technologies Company Profile

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.