Cipher Mining (NASDAQ:CIFR) Trading Down 3.5% - Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price was down 3.5% on Tuesday . The stock traded as low as $2.38 and last traded at $2.36. Approximately 1,256,027 shares traded hands during trading, a decline of 88% from the average daily volume of 10,654,826 shares. The stock had previously closed at $2.44.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CIFR. Rosenblatt Securities started coverage on Cipher Mining in a report on Friday, March 7th. They issued a "buy" rating and a $6.50 price objective on the stock. Cantor Fitzgerald cut their price target 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. Canaccord Genuity Group reissued a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an "outperform" rating on the stock. Finally, Needham & Company LLC cut their price objective 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. One equities research 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 stock. Based on data from MarketBeat, Cipher Mining has an average rating of "Buy" and an average target price of $8.13.

Cipher Mining Stock Up 1.7 %

The business's fifty day simple moving average is $3.44 and its two-hundred day simple moving average is $4.86. The company has a market cap of $871.28 million, a PE ratio of -18.23 and a beta of 2.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its position in shares of Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after buying an additional 5,432 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in Cipher Mining in the 4th quarter valued at $29,000. FNY Investment Advisers LLC grew its stake in Cipher Mining by 42.9% in the 1st 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 during the period. KBC Group NV purchased a new stake in Cipher Mining in the 4th quarter worth $46,000. Finally, Apollon Wealth Management LLC acquired a new position in Cipher Mining during the fourth quarter worth $49,000. Institutional investors and hedge funds 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.