Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Monday . The stock had previously closed at $3.89, but opened at $3.64. Cipher Mining shares last traded at $3.20, with a volume of 1,977,987 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Needham & Company LLC reduced their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. Rosenblatt Securities assumed coverage on Cipher Mining in a research note on Friday. They set a “buy” rating and a $6.50 target price on the stock. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, Northland Securities lifted their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Eleven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Stock Performance

The company has a market cap of $1.21 billion, a P/E ratio of -25.34 and a beta of 2.47. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The business has a 50-day moving average of $5.14 and a two-hundred day moving average of $5.05.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently bought and sold shares of CIFR. Nisa Investment Advisors LLC increased its position in shares of Cipher Mining by 912.9% in 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 in the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Cipher Mining in the fourth quarter valued at about $29,000. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining during the third quarter worth about $33,000. KBC Group NV acquired a new position in shares of Cipher Mining during the 4th quarter worth about $46,000. Finally, Rafferty Asset Management LLC purchased a new position in Cipher Mining in the 4th quarter valued at about $49,000. Institutional investors and hedge funds 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.