Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $4.08, but opened at $3.91. Cipher Mining shares last traded at $3.92, with a volume of 1,486,358 shares changing hands.
Analyst Upgrades and Downgrades
A number of research analysts have commented on CIFR shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a research report on Thursday, May 8th. JPMorgan Chase & Co. cut shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Finally, Cantor Fitzgerald increased their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research report on Thursday, June 5th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining has an average rating of "Buy" and a consensus price target of $7.63.
Read Our Latest Stock Analysis on Cipher Mining
Cipher Mining Trading Down 5.9%
The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -29.54 and a beta of 2.58. 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's fifty day moving average is $3.12 and its two-hundred day moving average is $4.28.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results 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 net margin of 33.39% and a negative return on equity of 8.29%. On average, research analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.
Hedge Funds Weigh In On Cipher Mining
Several hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its stake in Cipher Mining by 2.3% in the first quarter. Rhumbline Advisers now owns 276,376 shares of the company's stock valued at $636,000 after purchasing an additional 6,270 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after acquiring an additional 1,610,073 shares during the last quarter. Millennium Management LLC purchased a new position in shares of Cipher Mining during the first quarter worth approximately $9,316,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cipher Mining by 14.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,046,843 shares of the company's stock worth $4,708,000 after acquiring an additional 265,368 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Cipher Mining during the first quarter worth approximately $7,094,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.
Cipher Mining Company Profile
(
Get Free Report)
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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