BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Down 3.8% - Should You Sell?

Key Points

• BitMine Immersion Technologies (NYSEAMERICAN:BMNR) saw its stock price drop by 3.8% on Monday, closing at $55.60 after trading as low as $52.65.
• The company's market capitalization currently stands at $241.19 million with a P/E ratio of -127.47, indicating negative earnings.
• Director Thomas Jong Lee purchased 222,222 shares at an average cost of $4.50 per share, increasing his ownership significantly.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) shares dropped 3.8% on Monday . The company traded as low as $52.65 and last traded at $55.60. Approximately 22,600,087 shares traded hands during mid-day trading, an increase of 98% from the average daily volume of 11,395,978 shares. The stock had previously closed at $57.81.

Wall Street Analysts Forecast Growth

Separately, ThinkEquity raised shares of BitMine Immersion Technologies to a "strong-buy" rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, According to MarketBeat, BitMine Immersion Technologies has an average rating of "Strong Buy".

BitMine Immersion Technologies Trading Up 12.1%

The stock has a market cap of $230.01 million and a P/E ratio of -121.57.

Insider Activity at BitMine Immersion Technologies

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Lauer Wealth LLC acquired a new position in shares of BitMine Immersion Technologies in the 2nd quarter valued at $363,000. XTX Topco Ltd bought a new stake in BitMine Immersion Technologies in the second quarter valued at about $374,000. Marex Group plc acquired a new position in BitMine Immersion Technologies in the second quarter worth about $465,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of BitMine Immersion Technologies in the 2nd quarter valued at approximately $508,000. Finally, Sassicaia Capital Advisers LLC acquired a new position in BitMine Immersion Technologies during the second quarter worth $1,570,000.

About BitMine Immersion Technologies

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