Cipher Mining (NASDAQ:CIFR) Shares Gap Down – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Tuesday . The stock had previously closed at $4.97, but opened at $4.64. Cipher Mining shares last traded at $4.14, with a volume of 2,372,490 shares trading hands.

Analysts Set New Price Targets

CIFR has been the topic of several analyst reports. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a report on Friday, January 31st. Finally, Northland Securities raised their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has an average rating of “Buy” and an average price target of $8.14.

Cipher Mining Trading Down 19.3 %

The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.40 billion, a PE ratio of -30.88 and a beta of 2.41. The stock has a 50 day moving average price of $5.45 and a 200 day moving average price of $5.04.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.10) by $0.16. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. Sell-side analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the business. Voya Investment Management LLC boosted its position in shares of Cipher Mining by 3.6% in the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock worth $274,000 after purchasing an additional 2,036 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after acquiring an additional 2,101 shares in the last quarter. Xponance Inc. grew its stake in shares of Cipher Mining by 17.8% in the fourth quarter. Xponance Inc. now owns 14,151 shares of the company’s stock worth $66,000 after acquiring an additional 2,140 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Cipher Mining by 17.4% in the fourth quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock worth $67,000 after acquiring an additional 2,149 shares during the last quarter. Finally, Vima LLC increased its holdings in shares of Cipher Mining by 11.3% during the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after acquiring an additional 2,504 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.