Cipher Mining (NASDAQ:CIFR) Sets New 1-Year Low – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $2.58 and last traded at $2.64, with a volume of 11509404 shares trading hands. The stock had previously closed at $3.04.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CIFR. JPMorgan Chase & Co. lowered Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Keefe, Bruyette & Woods initiated coverage on Cipher Mining in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Cantor Fitzgerald dropped their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Rosenblatt Securities assumed coverage on shares of Cipher Mining in a report on Friday, March 7th. They issued a “buy” rating and a $6.50 target price on the stock. Finally, Northland Securities upped their price target 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. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $8.13.

Cipher Mining Trading Down 12.3 %

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm’s fifty day moving average is $4.67 and its two-hundred day moving average is $5.01. The firm has a market cap of $979.73 million, a P/E ratio of -20.34 and a beta of 2.47.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the stock. V3 Holding Ltd purchased a new stake in Cipher Mining in the fourth quarter worth about $452,713,000. Vanguard Group Inc. raised its position in shares of Cipher Mining by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company’s stock worth $84,318,000 after acquiring an additional 1,189,756 shares in the last quarter. State Street Corp lifted its stake in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the period. Invesco Ltd. lifted its stake in shares of Cipher Mining by 16.7% in the 4th quarter. Invesco Ltd. now owns 6,443,723 shares of the company’s stock valued at $29,899,000 after purchasing an additional 924,262 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Cipher Mining by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company’s stock valued at $26,583,000 after purchasing an additional 218,137 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

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.