Cipher Mining (NASDAQ:CIFR) Shares Down 4.2% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) traded down 4.2% during mid-day trading on Tuesday . The company traded as low as $3.05 and last traded at $3.07. 1,039,988 shares were traded during trading, a decline of 90% from the average session volume of 10,432,114 shares. The stock had previously closed at $3.20.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a report on Wednesday, February 26th. Northland Securities boosted their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. lowered Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th. Needham & Company LLC decreased their price target 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, Cantor Fitzgerald dropped their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and a consensus target price of $8.13.

Cipher Mining Price Performance

The stock has a market cap of $985.25 million, a P/E ratio of -20.61 and a beta of 2.47. The business has a 50 day simple moving average of $4.61 and a 200-day simple moving average of $5.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Private Advisor Group LLC increased its stake in shares of Cipher Mining by 90.4% during the 4th quarter. Private Advisor Group LLC now owns 200,940 shares of the company’s stock worth $932,000 after purchasing an additional 95,400 shares during the last quarter. State Street Corp increased its position in shares of Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after buying an additional 1,019,949 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares during the period. Paloma Partners Management Co purchased a new position in Cipher Mining in the 3rd quarter worth approximately $4,029,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Cipher Mining by 33.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,139,553 shares of the company’s stock valued at $14,568,000 after buying an additional 783,509 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About Cipher Mining

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.