Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.64

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $4.64, but opened at $4.32. Cipher Mining shares last traded at $4.30, with a volume of 1,706,163 shares.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CIFR. Needham & Company LLC reaffirmed a "buy" rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Monday. HC Wainwright restated a "buy" rating and set a $4.50 target price on shares of Cipher Mining in a research note on Tuesday, March 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research note on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Cipher Mining presently has a consensus rating of "Moderate Buy" and an average target price of $5.25.

Cipher Mining Stock Performance

The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -44.30 and a beta of 2.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The stock has a fifty day simple moving average of $3.92 and a two-hundred day simple moving average of $3.42.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.12. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. The company had revenue of $43.42 million during the quarter, compared to analysts' expectations of $35.73 million. Analysts expect that Cipher Mining Inc. will post -0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. raised its position in shares of Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company's stock worth $62,000 after acquiring an additional 5,000 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company's stock valued at $25,000 after buying an additional 5,592 shares during the period. Barclays PLC grew its stake in shares of Cipher Mining by 93.4% in the 3rd quarter. Barclays PLC now owns 15,982 shares of the company's stock valued at $37,000 after buying an additional 7,720 shares during the period. Sloy Dahl & Holst LLC acquired a new stake in shares of Cipher Mining in the 4th quarter valued at about $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Cipher Mining by 30.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company's stock valued at $185,000 after buying an additional 10,998 shares during the period. 12.26% of the stock is currently 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.