Cipher Mining (NASDAQ:CIFR) Trading Down 5.2% – What’s Next?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) fell 5.2% during trading on Thursday . The company traded as low as $3.75 and last traded at $3.94. 1,758,762 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 13,866,032 shares. The stock had previously closed at $4.16.

Analyst Ratings Changes

A number of research firms have recently commented on CIFR. Cantor Fitzgerald cut their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Needham & Company LLC lowered their target price on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. BTIG Research lifted their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research note on Tuesday, December 10th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $8.31.

Cipher Mining Stock Performance

The business has a 50 day moving average price of $5.19 and a two-hundred day moving average price of $5.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a market cap of $1.38 billion, a P/E ratio of -29.30 and a beta of 2.41.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Creative Planning grew its position in shares of Cipher Mining by 106.0% in the 3rd quarter. Creative Planning now owns 51,492 shares of the company’s stock worth $188,000 after buying an additional 26,498 shares during the last quarter. Private Advisor Group LLC increased its stake in shares of Cipher Mining by 43.5% during the third quarter. Private Advisor Group LLC now owns 105,540 shares of the company’s stock valued at $408,000 after buying an additional 32,000 shares during the period. Farther Finance Advisors LLC purchased a new position in shares of Cipher Mining during the third quarter valued at approximately $33,000. Van ECK Associates Corp increased its stake in shares of Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares during the period. Finally, TRU Independence Asset Management 2 LLC purchased a new position in shares of Cipher Mining during the third quarter valued at approximately $132,000. Hedge funds and other institutional investors 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.