Cipher Mining (NASDAQ:CIFR) Trading Down 4.2% - What's Next?

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) were down 4.2% on Tuesday . The company traded as low as $3.77 and last traded at $3.77. Approximately 947,807 shares changed hands during trading, a decline of 93% from the average daily volume of 12,730,569 shares. The stock had previously closed at $3.93.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CIFR shares. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. 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 report on Wednesday, February 26th. Cantor Fitzgerald boosted their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. JPMorgan Chase & Co. cut shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a research report on Wednesday, May 7th. 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 stock. According to data from MarketBeat, Cipher Mining has an average rating of "Buy" and a consensus price target of $7.63.

Cipher Mining Trading Down 0.5%

The stock's 50 day moving average is $3.27 and its two-hundred day moving average is $4.19. The company has a market capitalization of $1.27 billion, a PE ratio of -10.53 and a beta of 2.58. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.11). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The company had revenue of $48.96 million during the quarter, compared to analyst estimates of $53.57 million. As a group, sell-side analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Institutional Trading of Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in CIFR. NewEdge Advisors LLC purchased a new stake in Cipher Mining in the fourth quarter worth about $29,000. Stoneridge Investment Partners LLC purchased a new stake in shares of Cipher Mining during the first quarter valued at about $29,000. FNY Investment Advisers LLC lifted its position 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 buying an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of Cipher Mining during the first quarter valued at about $37,000. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Cipher Mining during the fourth quarter valued at about $49,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.