Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Here’s Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Monday . The stock had previously closed at $3.89, but opened at $3.64. Cipher Mining shares last traded at $3.20, with a volume of 1,977,987 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CIFR. Cantor Fitzgerald dropped their target price on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a report on Wednesday, February 26th. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a report on Tuesday, December 10th. Needham & Company LLC dropped their target price on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Finally, BTIG Research raised their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Eleven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $8.13.

Cipher Mining Stock Down 15.5 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market cap of $1.21 billion, a PE ratio of -25.34 and a beta of 2.47. The business’s 50 day moving average is $5.14 and its 200-day moving average is $5.05.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning raised its stake in Cipher Mining by 106.0% in the third quarter. Creative Planning now owns 51,492 shares of the company’s stock valued at $188,000 after buying an additional 26,498 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in Cipher Mining during the third quarter worth approximately $33,000. TRU Independence Asset Management 2 LLC acquired a new position in Cipher Mining in the third quarter valued at approximately $132,000. Victory Capital Management Inc. increased its stake in Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after purchasing an additional 2,101 shares during the last quarter. Finally, Drive Wealth Management LLC acquired a new position in shares of Cipher Mining in the 3rd quarter valued at $370,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.