Cipher Mining (NASDAQ:CIFR) Trading Down 4.2% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 4.2% during mid-day trading on Tuesday . The stock traded as low as $3.05 and last traded at $3.07. Approximately 1,039,988 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 10,432,114 shares. The stock had previously closed at $3.20.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CIFR shares. Northland Securities raised their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Cantor Fitzgerald reduced their price target on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Finally, Rosenblatt Securities assumed 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Price Performance

The stock has a market capitalization of $985.25 million, a P/E ratio of -20.61 and a beta of 2.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The business has a fifty day simple moving average of $4.61 and a 200-day simple moving average of $5.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Voya Investment Management LLC increased its stake in 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 purchasing an additional 2,036 shares in the last quarter. Victory Capital Management Inc. increased its position in Cipher Mining by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after buying an additional 2,101 shares in the last quarter. Xponance Inc. raised its stake 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 buying an additional 2,140 shares during the period. Russell Investments Group Ltd. boosted its holdings in 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 in the last quarter. Finally, Mackenzie Financial Corp grew its stake in Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after acquiring an additional 2,754 shares during the period. 12.26% of the stock is owned by institutional investors.

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.