BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Down 7.8% - Time to Sell?

Key Points

• BitMine Immersion Technologies' shares fell by 7.8% on Wednesday, trading as low as $44.52 before closing at $46.03.
• The stock has a consensus rating of “Strong Buy”, with ThinkEquity recently upgrading its rating.
• Insider transactions have increased, with Director Thomas Jong Lee acquiring 222,222 shares valued at approximately $999,999.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) dropped 7.8% on Wednesday . The stock traded as low as $44.52 and last traded at $46.03. Approximately 64,941,597 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 62,498,456 shares. The stock had previously closed at $49.95.

Wall Street Analysts Forecast Growth

Separately, ThinkEquity upgraded BitMine Immersion Technologies to a "strong-buy" rating in a research report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy".

BitMine Immersion Technologies Stock Down 4.3%

The company has a market cap of $187.57 million and a PE ratio of -99.13.

Insider Transactions at BitMine Immersion Technologies

In other BitMine Immersion Technologies news, Director Thomas Jong Lee acquired 222,222 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The stock was bought at an average price of $4.50 per share, with a total value of $999,999.00. Following the completion of the purchase, the director owned 222,222 shares of the company's stock, valued at approximately $999,999. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Hedge Funds Weigh In On BitMine Immersion Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Lauer Wealth LLC bought a new stake in shares of BitMine Immersion Technologies in the 2nd quarter valued at about $363,000. XTX Topco Ltd purchased a new position in BitMine Immersion Technologies in the 2nd quarter worth approximately $374,000. Marex Group plc purchased a new position in BitMine Immersion Technologies in the 2nd quarter worth approximately $465,000. Skandinaviska Enskilda Banken AB publ purchased a new position in BitMine Immersion Technologies in the 2nd quarter worth approximately $508,000. Finally, Sassicaia Capital Advisers LLC purchased a new position in BitMine Immersion Technologies in the 2nd quarter worth approximately $1,570,000.

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.