Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $2.65, but opened at $2.33. Cipher Mining shares last traded at $2.40, with a volume of 1,201,926 shares traded.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of recent research reports. 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 note on Wednesday, February 26th. JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Canaccord Genuity Group reissued a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research report on Wednesday, February 26th. Cantor Fitzgerald decreased their target price on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Finally, Rosenblatt Securities assumed coverage on Cipher Mining in a report on Friday, March 7th. They issued a “buy” rating and a $6.50 price target for the company. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Cipher Mining currently has a consensus rating of “Buy” and a consensus target price of $8.13.

Cipher Mining Stock Down 9.1 %

The firm has a market capitalization of $772.02 million, a PE ratio of -16.15 and a beta of 2.47. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average of $4.18 and a two-hundred day moving average of $4.95.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently modified their holdings of the company. Voya Investment Management LLC increased its position in shares of Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock worth $274,000 after acquiring an additional 2,036 shares in the last quarter. Xponance Inc. increased its holdings in Cipher Mining by 17.8% in the 4th quarter. Xponance Inc. now owns 14,151 shares of the company’s stock valued at $66,000 after purchasing an additional 2,140 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock valued at $67,000 after purchasing an additional 2,149 shares in the last quarter. Mackenzie Financial Corp raised its position in Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after purchasing an additional 2,754 shares during the period. Finally, Verition Fund Management LLC lifted its stake in shares of Cipher Mining by 30.7% during the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock worth $51,000 after purchasing an additional 3,086 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.