Cipher Mining (NASDAQ:CIFR) Shares Down 1.8% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) fell 1.8% on Friday . The stock traded as low as $2.96 and last traded at $2.98. 2,399,592 shares traded hands during trading, a decline of 82% from the average session volume of 13,687,311 shares. The stock had previously closed at $3.03.

Analyst Ratings Changes

A number of research analysts have weighed in on CIFR shares. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. Northland Securities boosted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday. Keefe, Bruyette & Woods started coverage on Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Finally, Rosenblatt Securities began coverage on Cipher Mining in a research report on Friday, March 7th. They set a “buy” rating and a $6.50 price objective for the company. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cipher Mining has a consensus rating of “Buy” and an average price target of $8.13.

Cipher Mining Price Performance

The company has a market cap of $1.10 billion, a price-to-earnings ratio of -22.96 and a beta of 2.47. The stock’s 50-day simple moving average is $5.01 and its 200 day simple moving average is $5.01. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC boosted its holdings in shares of Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock valued at $274,000 after acquiring an additional 2,036 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Cipher Mining by 8.8% during the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after buying an additional 2,101 shares during the period. Xponance Inc. lifted its position in Cipher Mining by 17.8% during the 4th 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 period. Russell Investments Group Ltd. lifted its position in Cipher Mining by 17.4% during the 4th 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 period. Finally, Mackenzie Financial Corp lifted its holdings in shares of Cipher Mining by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock worth $61,000 after purchasing an additional 2,754 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

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.