BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Stock Price Down 5.8% - Time to Sell?

Key Points

• Shares fell 5.8% to about $21.62 on heavy intraday trading of 12.95M shares, roughly 71% below the cited average session volume of 45.17M and down from a prior close of $22.95.
• Analysts maintain a generally bullish stance with an average rating of Buy and a mean target of $34.50; Cantor Fitzgerald upgraded to "strong-buy" while B. Riley trimmed its price target to $30 but kept a buy rating.
• Fundamentals show a mixed picture: latest quarter EPS was -$0.05 on $2.29M revenue with an extremely negative net margin, the 50-day moving average is $20.59 versus a 200-day of $30.94, indicating recent weakness versus the longer-term trend.

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR - Get Free Report) shares fell 5.8% on Monday . The stock traded as low as $21.84 and last traded at $21.6220. 12,952,471 shares were traded during mid-day trading, a decline of 71% from the average session volume of 45,169,141 shares. The stock had previously closed at $22.95.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Cantor Fitzgerald raised BitMine Immersion Technologies to a "strong-buy" rating in a research report on Thursday, April 9th. B. Riley Financial cut their price objective on BitMine Immersion Technologies from $47.00 to $30.00 and set a "buy" rating on the stock in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, BitMine Immersion Technologies presently has an average rating of "Buy" and an average target price of $34.50.

BitMine Immersion Technologies Stock Down 2.0%

The firm's 50-day moving average price is $20.59 and its 200-day moving average price is $30.94.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR - Get Free Report) last posted its earnings results on Tuesday, January 13th. The company reported ($0.05) earnings per share for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The business had revenue of $2.29 million for the quarter.

Institutional Investors Weigh In On BitMine Immersion Technologies

Several institutional investors and hedge funds have recently modified their holdings of BMNR. Voya Investment Management LLC purchased a new stake in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $2,327,000. U.S. Capital Wealth Advisors LLC purchased a new position in BitMine Immersion Technologies in the 3rd quarter worth approximately $233,000. AdvisorNet Financial Inc acquired a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $262,000. Red Door Wealth Management LLC acquired a new stake in BitMine Immersion Technologies in the third quarter valued at approximately $722,000. Finally, DKM Wealth Management Inc. purchased a new stake in shares of BitMine Immersion Technologies during the third quarter valued at approximately $475,000.

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.

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