Cipher Mining (NASDAQ:CIFR) Sets New 52-Week Low – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $2.58 and last traded at $2.64, with a volume of 11509404 shares. The stock had previously closed at $3.04.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Rosenblatt Securities assumed coverage on Cipher Mining in a research note on Friday, March 7th. They set a “buy” rating and a $6.50 price target for the company. Needham & Company LLC dropped their price target on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Northland Securities upped their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a report on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.13.

Cipher Mining Trading Down 8.7 %

The firm has a market cap of $852.90 million, a price-to-earnings ratio of -17.84 and a beta of 2.47. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $4.56 and a 200 day moving average of $4.98.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC grew its holdings in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after acquiring an additional 5,432 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of Cipher Mining during the fourth quarter worth approximately $29,000. KBC Group NV bought a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $46,000. Rafferty Asset Management LLC acquired a new stake in shares of Cipher Mining in the fourth quarter valued at approximately $49,000. Finally, Apollon Wealth Management LLC bought a new position in Cipher Mining in the 4th quarter worth approximately $49,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.