Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.64

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down before the market opened on Thursday . The stock had previously closed at $4.64, but opened at $4.32. Cipher Mining shares last traded at $4.30, with a volume of 1,706,163 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a report on Thursday, March 28th. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a report on Thursday, March 28th. HC Wainwright reiterated a “buy” rating and set a $4.50 price target on shares of Cipher Mining in a research report on Tuesday, March 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a report on Monday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.25.

Cipher Mining Stock Down 4.5 %

The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $3.92 and a 200-day simple moving average of $3.41. The stock has a market cap of $1.31 billion, a P/E ratio of -42.60 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. The company had revenue of $43.42 million for the quarter, compared to the consensus estimate of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. Analysts expect that Cipher Mining Inc. will post -0.15 EPS for the current year.

Institutional Trading of Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in CIFR. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Cipher Mining by 50.0% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after purchasing an additional 5,000 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after purchasing an additional 5,592 shares in the last quarter. Barclays PLC increased its position in shares of Cipher Mining by 93.4% during the third quarter. Barclays PLC now owns 15,982 shares of the company’s stock worth $37,000 after acquiring an additional 7,720 shares in the last quarter. Sloy Dahl & Holst LLC purchased a new position in Cipher Mining in the fourth quarter valued at about $44,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Cipher Mining by 30.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock valued at $185,000 after purchasing an additional 10,998 shares during the last quarter. Institutional investors and hedge funds 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.