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

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) dropped 4.5% during mid-day trading on Monday . The stock traded as low as $3.36 and last traded at $3.62. Approximately 5,014,306 shares changed hands 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.

Analyst Upgrades and Downgrades

CIFR has been the topic of several recent research reports. Cantor Fitzgerald lifted their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. Canaccord Genuity Group reiterated a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Thursday, May 8th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Rosenblatt Securities reiterated a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research note on Wednesday, May 7th. Finally, HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $7.63.

Cipher Mining Stock Up 8.8%

The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -11.64 and a beta of 2.58. The firm's 50 day moving average price is $3.38 and its two-hundred day moving average price is $4.11. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.01.

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, hitting 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 net margin of 81.21% and a negative return on equity of 17.77%. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of CIFR. V3 Holding Ltd bought a new stake in shares of Cipher Mining during the 4th quarter worth about $452,713,000. Millennium Management LLC bought a new stake in shares of Cipher Mining during the 1st quarter worth about $9,316,000. Alyeska Investment Group L.P. bought a new stake in shares of Cipher Mining during the 1st quarter worth about $7,094,000. Lone Pine Capital LLC bought a new stake in shares of Cipher Mining during the 4th quarter worth about $10,878,000. Finally, Helix Partners Management LP bought a new stake in shares of Cipher Mining during the 4th quarter worth about $10,426,000. Institutional investors own 12.26% of the company's stock.

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.