BitMine Immersion Technologies (NYSE:BMNR) Trading Down 5.3% - What's Next?

Key Points

• BitMine Immersion Technologies shares fell 5.3% to approximately $23.98, with trading volume down 66% from its average.
• Analyst views remain mixed: Cantor Fitzgerald and B. Riley cut their price targets to $30.30 and $25.00, respectively, while the consensus rating is “Moderate Buy” with an average target of $27.65.
• The company reported a quarterly loss of $128.25 per share on $46.53 million in revenue, alongside a negative net margin of 14,306.56%; its market capitalization is about $13.97 billion and its P/E ratio is 463.20.

BitMine Immersion Technologies, Inc. (NYSE:BMNR - Get Free Report)'s share price was down 5.3% during trading on Tuesday . The company traded as low as $23.72 and last traded at $23.9750. 14,030,704 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 40,968,457 shares. The stock had previously closed at $25.32.

Wall Street Analysts Forecast Growth

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

BitMine Immersion Technologies Stock Performance

The company's 50-day moving average price is $17.65 and its two-hundred day moving average price is $19.17. The stock has a market cap of $13.97 billion, a PE ratio of 463.20 and a beta of 1.28.

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. Equities research analysts forecast that BitMine Immersion Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BitMine Immersion Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC purchased a new stake in shares of BitMine Immersion Technologies in the third quarter worth $37,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of BitMine Immersion Technologies in the third quarter worth approximately $38,000. Ankerstar Wealth LLC bought a new stake in shares of BitMine Immersion Technologies during the fourth quarter valued at approximately $27,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of BitMine Immersion Technologies during the fourth quarter valued at approximately $27,000. Finally, Banque Cantonale Vaudoise purchased a new position in BitMine Immersion Technologies in the 3rd quarter worth approximately $56,000.

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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