Cipher Mining (NASDAQ:CIFR) Trading Down 5.2% – What’s Next?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) dropped 5.2% on Thursday . The company traded as low as $3.75 and last traded at $3.94. Approximately 1,758,762 shares traded hands during trading, a decline of 87% from the average daily volume of 13,866,032 shares. The stock had previously closed at $4.16.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Cantor Fitzgerald cut their price target on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Northland Securities upped their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Macquarie upped their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.31.

Cipher Mining Stock Performance

The company has a market cap of $1.38 billion, a PE ratio of -29.30 and a beta of 2.41. The company’s fifty day moving average price is $5.19 and its 200 day moving average price is $5.04. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its position in Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after buying an additional 5,432 shares during the period. NewEdge Advisors LLC bought a new position in Cipher Mining during the fourth quarter worth about $29,000. Farther Finance Advisors LLC bought a new position in Cipher Mining during the third quarter worth about $33,000. KBC Group NV bought a new position in Cipher Mining during the fourth quarter worth about $46,000. Finally, Rafferty Asset Management LLC bought a new position in Cipher Mining during the fourth quarter worth about $49,000. 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.