Cipher Mining (NASDAQ:CIFR) Reaches New 1-Year Low - Should You Sell?

Key Points

• Cipher Mining shares fell to a new 52-week low of $8.65, significantly below their 50-day and 200-day moving averages of $15.78 and $19.23, respectively.
• Despite the selloff, analysts maintain a consensus “Moderate Buy” rating with an average price target of $28.56, although targets range from $18 to $35.
• The company reported weaker-than-expected quarterly results, including an EPS loss of $0.65 versus a $0.25 expected loss and revenue of $24.84 million versus a $31.86 million estimate; analysts expect a full-year loss of $1.36 per share.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares hit a new 52-week low during mid-day trading on Tuesday. The stock traded as low as $8.65 and last traded at $8.3960, with a volume of 1,089,610 shares trading hands. The stock had previously closed at $8.94.

Analysts Set New Price Targets

CIFR has been the subject of several recent analyst reports. BTIG Research increased their price target on Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Rosenblatt Securities reaffirmed a "buy" rating and set a $30.00 target price on shares of Cipher Mining in a research note on Thursday, September 10th. Keefe, Bruyette & Woods cut their price target on shares of Cipher Mining from $32.00 to $28.00 and set an "outperform" rating for the company in a report on Thursday, August 6th. Rothschild & Co Redburn assumed coverage on shares of Cipher Mining in a research note on Monday, September 21st. They set a "neutral" rating and a $18.00 target price for the company. Finally, Chardan Capital reiterated a "buy" rating and set a $32.00 price objective on shares of Cipher Mining in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Cipher Mining has a consensus rating of "Moderate Buy" and a consensus target price of $28.56.

Cipher Mining Price Performance

The company has a market capitalization of $3.55 billion, a P/E ratio of -2.96 and a beta of 3.20. The stock's fifty day simple moving average is $15.78 and its 200-day simple moving average is $19.23. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. During the same quarter in the prior year, the business posted ($0.12) EPS. On average, equities analysts forecast that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of the company. GK Wealth Management LLC bought a new stake in Cipher Mining in the 3rd quarter valued at $25,000. CoreCap Advisors LLC increased its stake in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock valued at $42,000 after buying an additional 500 shares during the last quarter. Ancora Advisors LLC acquired a new position in shares of Cipher Mining during the 2nd quarter worth about $49,000. Harbor Investment Advisory LLC bought a new stake in Cipher Mining during the second quarter worth about $58,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Cipher Mining by 259.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company's stock valued at $43,000 after buying an additional 2,423 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Cipher Mining Company Profile

Cipher Mining Inc NASDAQ: CIFR is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.

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