Cipher Mining (NASDAQ:CIFR) Shares Down 6.2% - Should You Sell?

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CIFR shares. Cantor Fitzgerald decreased their target price on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. Rosenblatt Securities initiated coverage on shares of Cipher Mining in a report on Friday, March 7th. They issued a "buy" rating and a $6.50 target price for the company. Needham & Company LLC decreased their price target on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. downgraded shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. One investment 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. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $8.13.

Cipher Mining Stock Down 4.9 %

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 company has a market cap of $1.12 billion, a PE ratio of -23.11 and a beta of 2.65. The company's 50 day moving average is $2.90 and its 200 day moving average is $4.77.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its stake in Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock worth $28,000 after buying an additional 5,432 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Cipher Mining during the fourth quarter worth about $29,000. FNY Investment Advisers LLC increased its holdings in shares of Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after acquiring an additional 4,800 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in shares of Cipher Mining in the 1st quarter valued at approximately $37,000. Finally, KBC Group NV purchased a new stake in Cipher Mining during the 4th quarter worth approximately $46,000. 12.26% of the stock is owned by institutional investors.

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.

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