BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Down 3.8% - Here's Why

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)'s stock price fell 3.8% on Monday . The company traded as low as $52.65 and last traded at $55.60. 22,600,087 shares changed hands during mid-day trading, an increase of 98% from the average session volume of 11,395,978 shares. The stock had previously closed at $57.81.

Wall Street Analysts Forecast Growth

Separately, ThinkEquity upgraded shares of BitMine Immersion Technologies to a "strong-buy" rating in a research report on Monday, July 21st.

BitMine Immersion Technologies Stock Performance

The company has a market capitalization of $241.19 million and a P/E ratio of -127.47.

Insider Activity

In related news, Director Thomas Jong Lee purchased 222,222 shares of BitMine Immersion Technologies stock in a transaction dated Wednesday, July 9th. The shares were acquired at an average cost of $4.50 per share, with a total value of $999,999.00. Following the purchase, the director owned 222,222 shares of the company's stock, valued at approximately $999,999. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sassicaia Capital Advisers LLC acquired a new position in BitMine Immersion Technologies during the 2nd quarter worth approximately $1,570,000. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of BitMine Immersion Technologies in the 2nd quarter valued at $508,000. Lauer Wealth LLC acquired a new position in shares of BitMine Immersion Technologies in the 2nd quarter valued at $363,000. Finally, XTX Topco Ltd acquired a new position in shares of BitMine Immersion Technologies in the 2nd quarter valued at $374,000.

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.

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