Cipher Mining (NASDAQ:CIFR) Trading Down 6.5%

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) fell 6.5% on Tuesday . The company traded as low as $4.06 and last traded at $4.18. 1,542,241 shares traded hands during trading, a decline of 82% from the average session volume of 8,396,807 shares. The stock had previously closed at $4.47.

Analyst Upgrades and Downgrades

CIFR has been the subject of a number of research analyst reports. Needham & Company LLC restated a "buy" rating and issued a $5.00 target price on shares of Cipher Mining in a research note on Monday, April 22nd. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research report on Thursday, March 28th. HC Wainwright lifted their price target on shares of Cipher Mining from $4.50 to $5.50 and gave the company a "buy" rating in a research report on Tuesday. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $5.00 price objective 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $5.42.

Cipher Mining Trading Down 15.2 %

The stock's 50 day moving average is $4.02 and its 200-day moving average is $3.51. The company has a market cap of $1.12 billion, a P/E ratio of -37.90 and a beta of 2.32. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02.

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

Institutional Trading of Cipher Mining

Several institutional investors have recently added to or reduced their stakes in CIFR. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Cipher Mining by 50.0% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company's stock valued at $62,000 after purchasing an additional 5,000 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Cipher Mining by 104.9% during the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company's stock valued at $25,000 after acquiring an additional 5,592 shares during the period. Barclays PLC boosted its holdings in shares of Cipher Mining by 93.4% during the 3rd quarter. Barclays PLC now owns 15,982 shares of the company's stock valued at $37,000 after acquiring an additional 7,720 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Cipher Mining in the first quarter worth approximately $52,000. Finally, Sloy Dahl & Holst LLC purchased a new position in shares of Cipher Mining during the fourth quarter valued at approximately $44,000. 12.26% of the stock is currently owned by hedge funds and other 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.