Cipher Mining (NASDAQ:CIFR) Shares Gap Down – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down before the market opened on Tuesday . The stock had previously closed at $3.12, but opened at $3.02. Cipher Mining shares last traded at $3.01, with a volume of 1,068,685 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Needham & Company LLC cut their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Rosenblatt Securities assumed coverage on shares of Cipher Mining in a research report on Friday, March 7th. They set a “buy” rating and a $6.50 price objective for the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. Finally, Northland Securities upped their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Price Performance

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 company’s 50 day moving average price is $4.82 and its 200 day moving average price is $5.00. The firm has a market capitalization of $1.12 billion, a P/E ratio of -23.54 and a beta of 2.47.

Institutional Trading of Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Nisa Investment Advisors LLC lifted its holdings in 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 during the period. NewEdge Advisors LLC acquired a new stake in Cipher Mining in the fourth quarter worth $29,000. KBC Group NV acquired a new stake in Cipher Mining in the fourth quarter worth $46,000. Apollon Wealth Management LLC acquired a new stake in Cipher Mining in the fourth quarter worth $49,000. Finally, Rafferty Asset Management LLC acquired a new stake in Cipher Mining in the fourth quarter worth $49,000. 12.26% of the stock is owned by 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.