Cipher Mining (NASDAQ:CIFR) Sets New 12-Month Low - Here's What Happened

Key Points

• Cipher Mining shares fell to a new 52-week low of $6.73, last trading around $6.89 versus a prior close of $7.29. The stock is well below its 50-day and 200-day moving averages of $14.17 and $17.75, respectively.
• Despite the decline, analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $28.65. Recent targets range from $18 to $30.
• The company beat quarterly EPS expectations, reporting a loss of $0.22 per share versus the estimated $0.25 loss, but revenue of $26.7 million missed estimates and fell 62.8% year over year. Cipher remains deeply unprofitable, with a negative net margin of 585.75%.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price reached a new 52-week low on Monday. The company traded as low as $6.73 and last traded at $6.8880, with a volume of 6,680,583 shares traded. The stock had previously closed at $7.29.

Wall Street Analysts Forecast Growth

CIFR has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reduced their target price on Cipher Mining from $32.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Rosenblatt Securities reissued a "buy" rating and issued a $30.00 price target on shares of Cipher Mining in a report on Thursday, September 10th. Rothschild & Co Redburn initiated coverage on Cipher Mining in a research note on Monday, September 21st. They set a "neutral" rating and a $18.00 price target on the stock. Freedom Capital upgraded shares of Cipher Mining to a "hold" rating in a report on Friday, September 18th. Finally, Wells Fargo & Company began coverage on shares of Cipher Mining in a research report on Thursday, September 17th. They issued an "overweight" rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $28.65.

Cipher Mining Stock Performance

The firm's 50 day moving average is $14.17 and its 200-day moving average is $17.75. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -2.47 and a beta of 3.53. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.03. The company had revenue of $26.70 million for the quarter, compared to analyst estimates of $38.69 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The firm's revenue was down 62.8% on a year-over-year basis. During the same quarter last year, the business earned $0.10 earnings per share. Analysts forecast that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in Cipher Mining by 567.1% in the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock valued at $97,652,000 after purchasing an additional 3,388,359 shares during the period. Janus Henderson Group PLC raised its stake in shares of Cipher Mining by 1.9% during the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company's stock worth $56,292,000 after buying an additional 81,192 shares during the period. Moore Capital Management LP purchased a new position in shares of Cipher Mining during the 2nd quarter valued at approximately $35,077,000. Jennison Associates LLC lifted its position in shares of Cipher Mining by 48.7% during the 1st quarter. Jennison Associates LLC now owns 2,519,281 shares of the company's stock valued at $32,423,000 after buying an additional 824,618 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Cipher Mining during the 1st quarter valued at approximately $24,486,000. 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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