Cipher Mining (NASDAQ:CIFR) Shares Down 2.7%

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) fell 2.7% during trading on Friday . The stock traded as low as $3.56 and last traded at $3.58. 1,447,940 shares were traded during mid-day trading, a decline of 83% from the average session volume of 8,739,508 shares. The stock had previously closed at $3.68.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CIFR. Needham & Company LLC reissued a "buy" rating and issued a $5.00 target price on shares of Cipher Mining in a research note on Monday, March 18th. Canaccord Genuity Group restated a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Cantor Fitzgerald restated an "overweight" rating and issued a $5.00 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, HC Wainwright restated a "buy" rating and issued a $4.50 price target on shares of Cipher Mining in a research report on Tuesday, March 5th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $5.25.

Cipher Mining Price Performance

The company has a 50-day moving average price of $3.87 and a 200-day moving average price of $3.36. 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 firm has a market capitalization of $1.14 billion, a P/E ratio of -38.40 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.12. The firm had revenue of $43.42 million for the quarter, compared to analyst estimates of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. On average, sell-side analysts predict that Cipher Mining Inc. will post -0.15 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sloy Dahl & Holst LLC bought a new position in Cipher Mining during the fourth quarter worth about $44,000. New York State Common Retirement Fund lifted its holdings in Cipher Mining by 104.9% during the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company's stock worth $25,000 after acquiring an additional 5,592 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in Cipher Mining during the third quarter worth about $27,000. Walleye Capital LLC bought a new position in Cipher Mining during the second quarter worth about $34,000. Finally, Wolverine Asset Management LLC bought a new stake in shares of Cipher Mining in the fourth quarter valued at about $49,000. 12.26% of the stock is currently owned by 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.