BitMine Immersion Technologies (NYSE:BMNR) Sets New 12-Month Low – Here’s What Happened

Shares of BitMine Immersion Technologies, Inc. (NYSE:BMNR) hit a new 52-week low during trading on Wednesday . The stock traded as low as $12.80 and last traded at $13.3340, with a volume of 37954795 shares trading hands. The stock had previously closed at $13.80.

Analysts Set New Price Targets

Several brokerages recently weighed in on BMNR. Weiss Ratings started coverage on shares of BitMine Immersion Technologies in a report on Friday, April 17th. They issued a “sell (d-)” rating for the company. Cantor Fitzgerald raised BitMine Immersion Technologies to a “strong-buy” rating in a report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, BitMine Immersion Technologies has an average rating of “Moderate Buy” and an average price target of $34.50.

BitMine Immersion Technologies Trading Down 3.4%

The firm has a market capitalization of $7.59 billion and a P/E ratio of -102.57. The company has a 50 day simple moving average of $18.69 and a two-hundred day simple moving average of $22.40.

BitMine Immersion Technologies (NYSE:BMNR) last released its quarterly earnings data on Tuesday, April 14th. The company reported ($0.08) earnings per share (EPS) for the quarter. BitMine Immersion Technologies had a negative net margin of 51,892.77% and a positive return on equity of 5.59%. The company had revenue of $11.04 million for the quarter. On average, sell-side analysts expect that BitMine Immersion Technologies, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Trading of BitMine Immersion Technologies

Several hedge funds have recently bought and sold shares of BMNR. Rhumbline Advisers bought a new position in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $305,000. PNC Financial Services Group Inc. bought a new stake in shares of BitMine Immersion Technologies in the third quarter worth about $278,000. Vanguard Group Inc. purchased a new stake in shares of BitMine Immersion Technologies in the third quarter worth about $148,612,000. Citigroup Inc. purchased a new stake in shares of BitMine Immersion Technologies in the third quarter worth about $2,540,000. Finally, EverSource Wealth Advisors LLC bought a new position in BitMine Immersion Technologies during the third quarter valued at approximately $131,000.

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.