Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Here’s What Happened

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Tuesday . The stock had previously closed at $3.85, but opened at $3.65. Cipher Mining shares last traded at $3.36, with a volume of 2,605,564 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CIFR shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research 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 target on the stock in a report on Tuesday, December 10th. Keefe, Bruyette & Woods began coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Northland Securities raised their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC reduced their target price on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research 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. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $8.31.

Cipher Mining Trading Down 0.4 %

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 company has a 50 day simple moving average of $5.25 and a two-hundred day simple moving average of $5.05. The firm has a market cap of $1.39 billion, a PE ratio of -29.74 and a beta of 2.41.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its position in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after buying an additional 5,432 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in Cipher Mining in the fourth quarter valued at $29,000. Farther Finance Advisors LLC purchased a new stake in Cipher Mining in the third quarter valued at $33,000. KBC Group NV purchased a new stake in Cipher Mining in the fourth quarter valued at $46,000. Finally, Rafferty Asset Management LLC purchased a new stake in Cipher Mining in the fourth quarter valued at $49,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.