BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Down - Here's What Happened

Key Points

• BitMine Immersion Technologies shares gapped down from $56.85 to $52.69, closing at $53.39 with a trading volume of 11,513,038 shares.
• ThinkEquity upgraded the company's stock to a "strong-buy" rating, contributing to a consensus rating of "Strong Buy" amongst analysts.
• The company's market capitalization stands at $15.24 billion and it has a P/E ratio of -123.74, indicating it is currently experiencing financial challenges.

Shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $56.85, but opened at $52.69. BitMine Immersion Technologies shares last traded at $53.39, with a volume of 11,513,038 shares.

Wall Street Analyst Weigh In

Separately, ThinkEquity upgraded shares of 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, BitMine Immersion Technologies currently has a consensus rating of "Strong Buy".

BitMine Immersion Technologies Stock Down 4.1%

The stock has a market capitalization of $15.24 billion and a P/E ratio of -123.74. The business has a 50-day moving average price of $51.62.

Institutional Trading of BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Halter Ferguson Financial Inc. bought a new position in BitMine Immersion Technologies in the 3rd quarter worth about $11,318,000. Sassicaia Capital Advisers LLC bought a new position in shares of BitMine Immersion Technologies during the second quarter valued at approximately $1,570,000. Voya Investment Management LLC bought a new position in shares of BitMine Immersion Technologies during the third quarter valued at approximately $2,327,000. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in BitMine Immersion Technologies during the third quarter valued at approximately $1,194,000. Finally, Skandinaviska Enskilda Banken AB publ purchased a new stake in BitMine Immersion Technologies during the second quarter valued at approximately $508,000.

About BitMine Immersion Technologies

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.

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