Cipher Mining (NASDAQ:CIFR) Stock Price Down 4.5%

Cipher Mining Inc. (NASDAQ:CIFR) shares were down 4.5% during trading on Thursday . The stock traded as low as $5.03 and last traded at $5.09. Approximately 10,133,942 shares changed hands during trading, an increase of 8% from the average daily volume of 9,387,331 shares. The stock had previously closed at $5.33.

Wall Street Analyst Weigh In

Several research analysts have commented on CIFR shares. Needham & Company LLC reissued a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a report on Monday, March 18th. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 target price on shares of Cipher Mining in a research report on Thursday. HC Wainwright restated a “buy” rating and set a $4.50 target price on shares of Cipher Mining in a research report on Tuesday, March 5th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $5.50 target price on shares of Cipher Mining in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.25.

Cipher Mining Trading Down 3.4 %

The stock’s fifty day simple moving average is $3.39 and its 200-day simple moving average is $3.18. The firm has a market cap of $1.53 billion, a PE ratio of -50.89 and a beta of 2.06. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. New York State Common Retirement Fund raised its holdings in shares of Cipher Mining by 104.9% during the third 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 during the last quarter. American International Group Inc. purchased a new position in shares of Cipher Mining during the second quarter worth $25,000. The Manufacturers Life Insurance Company purchased a new position in shares of Cipher Mining during the third quarter worth $27,000. JPMorgan Chase & Co. raised its holdings in shares of Cipher Mining by 72.5% during the second quarter. JPMorgan Chase & Co. now owns 21,173 shares of the company’s stock worth $29,000 after purchasing an additional 8,896 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Cipher Mining in the first quarter valued at $30,000. Hedge funds and other 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.