Cipher Mining (NASDAQ:CIFR) Stock Price Down 4.5% - What's Next?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price was down 4.5% during mid-day trading on Monday . The company traded as low as $3.36 and last traded at $3.62. Approximately 5,014,306 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 12,864,376 shares. The stock had previously closed at $3.79.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CIFR shares. Canaccord Genuity Group reiterated a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a report on Thursday, May 8th. HC Wainwright restated a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Rosenblatt Securities reiterated a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a report on Wednesday, May 7th. Cantor Fitzgerald raised their price objective on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Thursday, June 5th. Finally, Needham & Company LLC lowered their price objective on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. 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. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of "Buy" and a consensus price target of $7.63.

Cipher Mining Stock Performance

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.18 billion, a PE ratio of -9.81 and a beta of 2.58. The stock's 50 day moving average price is $3.30 and its 200 day moving average price is $4.13.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. As a group, equities analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC purchased a new stake in Cipher Mining during the 4th quarter worth $29,000. Stoneridge Investment Partners LLC purchased a new position in Cipher Mining in the first quarter valued at about $29,000. FNY Investment Advisers LLC grew its stake in Cipher Mining by 42.9% during the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after purchasing an additional 4,800 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in Cipher Mining during the 1st quarter worth approximately $37,000. Finally, Rafferty Asset Management LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at approximately $49,000. 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.