BitMine Immersion Technologies (NYSE:BMNR) Trading Down 7.3% - Time to Sell?

Key Points

• BitMine Immersion Technologies shares fell 7.3% on Thursday, closing at $16.44 after trading as low as $16.33. Trading volume was lighter than usual, with about 21.3 million shares changing hands versus the 41.4 million average.
• Analysts remain mixed but mostly constructive on the stock, even after several price-target cuts. The average rating is currently “Moderate Buy,” with a consensus price target of $27.65, though Weiss Ratings reiterated a “sell (d-)” view.
• The company reported a very weak quarterly EPS of -$128.25 alongside $46.53 million in revenue, and its shares are trading below the 200-day moving average of $20.74. Despite the decline, some institutional investors have recently increased their stakes.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) shares dropped 7.3% during trading on Thursday . The stock traded as low as $16.33 and last traded at $16.4370. Approximately 21,272,044 shares changed hands during trading, a decline of 49% from the average daily volume of 41,419,609 shares. The stock had previously closed at $17.74.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BMNR shares. B. Riley Financial dropped their price objective on shares of BitMine Immersion Technologies from $33.00 to $25.00 and set a "buy" rating for the company in a research report on Thursday, July 16th. Cantor Fitzgerald decreased their price objective on BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating on the stock in a research report on Wednesday, July 1st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of BitMine Immersion Technologies in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $27.65.

BitMine Immersion Technologies Price Performance

The business has a 50 day moving average of $16.58 and a 200 day moving average of $20.74. The firm has a market capitalization of $9.92 billion and a price-to-earnings ratio of -126.72.

BitMine Immersion Technologies (NYSE:BMNR - Get Free Report) last released its earnings results on Tuesday, July 14th. The company reported ($128.25) earnings per share for the quarter. BitMine Immersion Technologies had a negative net margin of 14,306.56% and a positive return on equity of 3.35%. The company had revenue of $46.53 million during the quarter. As a group, equities analysts predict that BitMine Immersion Technologies, Inc. will post 0.06 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Milestone Asset Management LLC lifted its holdings in BitMine Immersion Technologies by 5.6% during the fourth quarter. Milestone Asset Management LLC now owns 8,185 shares of the company's stock worth $222,000 after acquiring an additional 432 shares in the last quarter. CWA Asset Management Group LLC increased its holdings in shares of BitMine Immersion Technologies by 3.9% in the fourth quarter. CWA Asset Management Group LLC now owns 12,455 shares of the company's stock worth $338,000 after acquiring an additional 470 shares in the last quarter. Certuity LLC raised its position in shares of BitMine Immersion Technologies by 0.3% during the fourth quarter. Certuity LLC now owns 180,707 shares of the company's stock worth $4,906,000 after purchasing an additional 552 shares during the period. Legacy Wealth Managment LLC ID raised its position in shares of BitMine Immersion Technologies by 40.8% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,966 shares of the company's stock worth $39,000 after purchasing an additional 570 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of BitMine Immersion Technologies by 16.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,620 shares of the company's stock valued at $91,000 after purchasing an additional 658 shares in the last quarter.

About BitMine Immersion Technologies

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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