Cipher Mining (NASDAQ:CIFR) Reaches New 52-Week Low - Here's Why

Key Points

• Cipher Mining shares fell to a new 52-week low of $7.73, well below their 50-day moving average of $15.07 and 200-day moving average of $19.10.
• The company reported weaker-than-expected quarterly results, with a $0.65 loss per share versus expectations of $0.25 and revenue of $24.84 million versus the $31.86 million consensus.
• Despite the decline, analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $28.65 target price; however, several firms recently reduced their price targets.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) reached a new 52-week low during mid-day trading on Monday. The company traded as low as $7.73 and last traded at $7.6920, with a volume of 1,275,755 shares trading hands. The stock had previously closed at $7.94.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CIFR. Keefe, Bruyette & Woods dropped their price target on shares of Cipher Mining from $32.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Morgan Stanley dropped their target price on shares of Cipher Mining from $54.00 to $51.50 and set an "overweight" rating on the stock in a research report on Monday, October 12th. Rothschild & Co Redburn started coverage on Cipher Mining in a research note on Monday, September 21st. They issued a "neutral" rating and a $18.00 target price on the stock. Chardan Capital reaffirmed a "buy" rating and set a $32.00 price target on shares of Cipher Mining in a research report on Tuesday, August 4th. Finally, Freedom Capital upgraded Cipher Mining to a "hold" rating in a report on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $28.65.

Cipher Mining Price Performance

The business's 50 day moving average is $15.07 and its two-hundred day moving average is $19.10. The firm has a market capitalization of $3.34 billion, a PE ratio of -2.76 and a beta of 3.20. 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 released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. The company had revenue of $24.84 million during the quarter, compared to analysts' expectations of $31.86 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. As a group, research analysts anticipate that Cipher Mining Inc. will post -1.36 EPS for the current year.

Institutional Trading of Cipher Mining

A number of institutional investors have recently made changes to their positions in the stock. CoreCap Advisors LLC grew its position in Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock worth $42,000 after acquiring an additional 500 shares during the period. Abel Hall LLC boosted its position in shares of Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company's stock worth $259,000 after buying an additional 739 shares during the period. Rathbones Group PLC lifted its position in shares of Cipher Mining by 7.0% during the first quarter. Rathbones Group PLC now owns 11,495 shares of the company's stock worth $148,000 after purchasing an additional 750 shares in the last quarter. DKM Wealth Management Inc. lifted its holdings in Cipher Mining by 5.8% during the 3rd quarter. DKM Wealth Management Inc. now owns 14,152 shares of the company's stock worth $224,000 after buying an additional 771 shares in the last quarter. Finally, Navellier & Associates Inc. boosted its holdings in Cipher Mining by 3.7% in the second quarter. Navellier & Associates Inc. now owns 25,230 shares of the company's stock valued at $618,000 after purchasing an additional 901 shares during the period. Hedge funds and other institutional investors own 12.26% of the company's stock.

About Cipher Mining

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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