Cipher Mining (NASDAQ:CIFR) Shares Down 4.3% - Here's Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) were down 4.3% during trading on Wednesday . The company traded as low as $3.38 and last traded at $3.42. Approximately 3,282,520 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 11,960,386 shares. The stock had previously closed at $3.57.

Analysts Set New Price Targets

A number of research analysts recently commented on CIFR shares. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Cantor Fitzgerald lowered their target price on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Tuesday, February 4th. Rosenblatt Securities reissued a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. Finally, Needham & Company LLC lowered their target price on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $8.03.

Cipher Mining Price Performance

The company has a fifty day moving average of $2.86 and a 200 day moving average of $4.51. The firm has a market capitalization of $1.12 billion, a P/E ratio of -25.50 and a beta of 2.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $48.96 million for the quarter, compared to analysts' expectations of $53.57 million. Sell-side analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of CIFR. Goldman Sachs Group Inc. lifted its holdings in shares of Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after purchasing an additional 1,610,073 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of Cipher Mining during the 1st quarter valued at $9,316,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Cipher Mining by 14.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,046,843 shares of the company's stock valued at $4,708,000 after purchasing an additional 265,368 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Cipher Mining during the 1st quarter valued at $7,094,000. Finally, SRN Advisors LLC increased its position in shares of Cipher Mining by 42.1% during the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company's stock valued at $654,000 after purchasing an additional 84,148 shares during the last quarter. 12.26% of the stock is currently owned by 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.

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