Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) dropped 4.7% during mid-day trading on Monday . The stock traded as low as $2.94 and last traded at $2.94. Approximately 8,614,811 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 10,918,285 shares. The stock had previously closed at $3.08.
Analysts Set New Price Targets
A number of analysts have commented on the company. Keefe, Bruyette & Woods initiated coverage on Cipher Mining in a report on Wednesday, January 8th. They issued an "outperform" rating for the company. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. HC Wainwright restated a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Needham & Company LLC reduced their price target on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Finally, Cantor Fitzgerald lowered their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 4th. One equities 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 company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $8.13.
Get Our Latest Report on CIFR
Cipher Mining Stock Up 1.3 %
The company's 50 day moving average price is $2.90 and its two-hundred day moving average price is $4.77. 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 firm has a market cap of $1.17 billion, a PE ratio of -24.31 and a beta of 2.65.
Institutional Trading of Cipher Mining
Several hedge funds have recently bought and sold shares of CIFR. Private Advisor Group LLC lifted its position in shares of Cipher Mining by 90.4% during the 4th quarter. Private Advisor Group LLC now owns 200,940 shares of the company's stock valued at $932,000 after buying an additional 95,400 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Cipher Mining by 510.2% during the fourth quarter. JPMorgan Chase & Co. now owns 954,209 shares of the company's stock valued at $4,428,000 after purchasing an additional 797,824 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cipher Mining by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock worth $84,318,000 after purchasing an additional 1,189,756 shares during the period. Federated Hermes Inc. purchased a new stake in shares of Cipher Mining in the fourth quarter worth $2,029,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Cipher Mining by 33.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,139,553 shares of the company's stock worth $14,568,000 after purchasing an additional 783,509 shares in the last quarter. Institutional investors own 12.26% of the company's stock.
Cipher Mining Company Profile
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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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