Cipher Mining (NASDAQ:CIFR) Stock Price Down 6.2% - Here's Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) traded down 6.2% on Monday . The company traded as low as $2.91 and last traded at $2.97. 1,948,175 shares were traded during mid-day trading, a decline of 82% from the average session volume of 10,992,130 shares. The stock had previously closed at $3.16.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Canaccord Genuity Group reissued a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research note on Thursday. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Cantor Fitzgerald reduced their target price on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Tuesday, February 4th. Needham & Company LLC lowered their price target on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Finally, HC Wainwright restated a "buy" rating on shares of Cipher Mining in a report on Tuesday. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $8.03.

Cipher Mining Stock Performance

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.11 billion, a PE ratio of -22.92 and a beta of 2.61. The firm has a fifty day simple moving average of $2.80 and a 200-day simple moving average of $4.70.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly 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 net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $48.96 million during the quarter, compared to the consensus estimate of $53.57 million. On average, research analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the stock. V3 Holding Ltd acquired a new stake in Cipher Mining during the 4th quarter worth approximately $452,713,000. Lone Pine Capital LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth $10,878,000. Helix Partners Management LP acquired a new stake in shares of Cipher Mining during the fourth quarter worth $10,426,000. Driehaus Capital Management LLC purchased a new position in Cipher Mining in the 4th quarter valued at $9,439,000. Finally, Vanguard Group Inc. increased its stake in Cipher Mining by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock valued at $84,318,000 after buying an additional 1,189,756 shares during the period. Hedge funds and other institutional investors 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.