Cipher Mining (NASDAQ:CIFR) Trading Down 6.5%

Cipher Mining Inc. (NASDAQ:CIFR) shares traded down 6.5% during mid-day trading on Tuesday . The stock traded as low as $4.06 and last traded at $4.18. 1,542,241 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 8,396,807 shares. The stock had previously closed at $4.47.

Wall Street Analyst Weigh In

A number of brokerages have commented on CIFR. HC Wainwright increased their price target on shares of Cipher Mining from $4.50 to $5.50 and gave the company a “buy” rating in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Wednesday. Canaccord Genuity Group reissued a “buy” rating and issued a $6.00 price target (up from $5.50) on shares of Cipher Mining in a research note on Wednesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.50.

Cipher Mining Stock Up 4.6 %

The firm has a market cap of $1.17 billion, a PE ratio of -39.50 and a beta of 2.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The company’s 50-day simple moving average is $4.05 and its two-hundred day simple moving average is $3.52.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.12. The firm had revenue of $43.42 million during 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%. On average, analysts predict that Cipher Mining Inc. will post -0.15 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. First Financial Bankshares Inc bought a new position in Cipher Mining in the 4th quarter worth $9,901,000. Van ECK Associates Corp increased its position in shares of Cipher Mining by 38.9% during the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after buying an additional 765,238 shares during the period. Shariaportfolio Inc. bought a new position in Cipher Mining in the fourth quarter worth about $2,460,000. Exchange Traded Concepts LLC lifted its holdings in Cipher Mining by 107.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after buying an additional 358,897 shares during the period. Finally, Hel Ved Capital Management Ltd bought a new stake in Cipher Mining during the 4th quarter valued at approximately $1,310,000. 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.