Cipher Mining (NASDAQ:CIFR) Shares Down 4.3% - Should You Sell?

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Rosenblatt Securities reiterated a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. 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. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $8.03.

Cipher Mining Stock Performance

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 firm's fifty day moving average price is $2.87 and its 200-day moving average price is $4.43. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -24.08 and a beta of 2.61.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Voya Investment Management LLC grew its holdings in Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock valued at $274,000 after purchasing an additional 2,036 shares during the last quarter. Xponance Inc. boosted its position in shares of Cipher Mining by 17.8% in the 4th quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after buying an additional 2,140 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock valued at $67,000 after acquiring an additional 2,149 shares during the last quarter. Mackenzie Financial Corp increased its holdings in Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock valued at $61,000 after acquiring an additional 2,754 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Cipher Mining by 11.7% during the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company's stock worth $64,000 after acquiring an additional 2,940 shares during the last quarter. 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.