Cipher Mining (NASDAQ:CIFR) Trading Down 8.7%

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) dropped 8.7% during mid-day trading on Monday . The company traded as low as $4.11 and last traded at $4.11. Approximately 851,092 shares changed hands during trading, a decline of 90% from the average daily volume of 8,563,475 shares. The stock had previously closed at $4.50.

Analysts Set New Price Targets

Several research firms have recently weighed in on CIFR. Needham & Company LLC reaffirmed a "buy" rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Monday, April 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $5.00 price target on shares of Cipher Mining in a research note on Thursday, March 28th. HC Wainwright reissued a "buy" rating and issued a $4.50 price objective on shares of Cipher Mining in a research report on Tuesday, March 5th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a report on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $5.25.

Cipher Mining Price Performance

The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -41.50 and a beta of 2.21. 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 company has a 50-day simple moving average of $3.94 and a two-hundred day simple moving average of $3.45.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.12. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. The business had revenue of $43.42 million for the quarter, compared to the consensus estimate of $35.73 million. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.15 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. First Financial Bankshares Inc acquired a new stake in Cipher Mining in the 4th quarter valued at about $9,901,000. Shariaportfolio Inc. acquired a new stake in shares of Cipher Mining in the fourth quarter valued at approximately $2,460,000. Van ECK Associates Corp boosted its stake in shares of Cipher Mining by 40.3% during the 4th quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company's stock worth $8,130,000 after acquiring an additional 564,956 shares during the period. Exchange Traded Concepts LLC raised its stake in Cipher Mining by 107.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company's stock valued at $2,862,000 after acquiring an additional 358,897 shares during the period. Finally, Hel Ved Capital Management Ltd acquired a new stake in Cipher Mining during the 4th quarter valued at $1,310,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.