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

Key Points

• BMNR shares opened lower, falling from a previous close of $26.45 to $25.34 and last trading near $24.89 on heavy volume.
• Analyst sentiment is mixed but leans positive: Cantor Fitzgerald cut its price target to $30.30, while B. Riley raised its target to $30 and maintained a buy rating. The consensus rating is “Moderate Buy” with an average target of $30.15.
• BitMine reported a quarterly loss of $128.25 per share on $46.53 million in revenue, alongside a highly negative net margin. Several institutional investors nevertheless increased their positions, including Marex Group, Weiss Asset Management, and Morgan Stanley.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $26.45, but opened at $25.34. BitMine Immersion Technologies shares last traded at $24.8920, with a volume of 11,815,879 shares.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BMNR. Cantor Fitzgerald lowered their target price on BitMine Immersion Technologies from $39.00 to $30.30 and set an "overweight" rating on the stock in a research note on Wednesday, July 1st. B Riley restated a "buy" rating on shares of BitMine Immersion Technologies in a report on Thursday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of BitMine Immersion Technologies in a report on Wednesday, July 15th. Finally, B. Riley Financial upped their target price on shares of BitMine Immersion Technologies from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $30.15.

BitMine Immersion Technologies Trading Down 4.8%

The business's fifty day moving average price is $18.26 and its 200 day moving average price is $19.26. The company has a market capitalization of $15.19 billion, a P/E ratio of 503.70 and a beta of 1.61.

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

Institutional Trading of BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in BMNR. Marex Group plc lifted its position in shares of BitMine Immersion Technologies by 560.1% during the fourth quarter. Marex Group plc now owns 10,024,103 shares of the company's stock worth $272,154,000 after purchasing an additional 8,505,421 shares in the last quarter. Weiss Asset Management LP raised its holdings in BitMine Immersion Technologies by 363.6% during the 1st quarter. Weiss Asset Management LP now owns 4,328,294 shares of the company's stock worth $85,614,000 after purchasing an additional 3,394,677 shares during the last quarter. Mozayyx Management LLC bought a new position in shares of BitMine Immersion Technologies in the 4th quarter valued at about $90,500,000. Morgan Stanley grew its position in shares of BitMine Immersion Technologies by 25.8% during the 4th quarter. Morgan Stanley now owns 12,197,071 shares of the company's stock worth $331,151,000 after buying an additional 2,500,368 shares during the period. Finally, Pantera Capital Partners LP bought a new stake in shares of BitMine Immersion Technologies during the third quarter worth approximately $122,036,000.

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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