Cipher Mining (NASDAQ:CIFR) Shares Down 2.7%

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price was down 2.7% during mid-day trading on Friday . The company traded as low as $3.56 and last traded at $3.58. Approximately 1,447,940 shares were traded during trading, a decline of 83% from the average daily volume of 8,739,508 shares. The stock had previously closed at $3.68.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CIFR shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a report on Thursday, March 28th. HC Wainwright reiterated a “buy” rating and set a $4.50 price objective on shares of Cipher Mining in a research report on Tuesday, March 5th. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Monday, March 18th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $5.25.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60. The business has a 50-day simple moving average of $3.86 and a 200 day simple moving average of $3.35. The firm has a market cap of $1.15 billion, a PE ratio of -36.80 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. The business had revenue of $43.42 million during the quarter, compared to analysts’ expectations of $35.73 million. Equities research analysts forecast that Cipher Mining Inc. will post -0.15 EPS for the current year.

Institutional Trading of Cipher Mining

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Cipher Mining by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 3,492,636 shares of the company’s stock worth $14,425,000 after acquiring an additional 177,676 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Cipher Mining by 18.5% during the 2nd quarter. BlackRock Inc. now owns 2,433,554 shares of the company’s stock worth $6,960,000 after acquiring an additional 379,931 shares during the last quarter. First Financial Bankshares Inc purchased a new position in Cipher Mining during the 4th quarter worth $9,901,000. State Street Corp increased its holdings in Cipher Mining by 208.0% during the 2nd quarter. State Street Corp now owns 2,197,387 shares of the company’s stock worth $6,285,000 after purchasing an additional 1,483,836 shares during the period. Finally, Van ECK Associates Corp increased its holdings in Cipher Mining by 40.3% during the 4th quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company’s stock worth $8,130,000 after purchasing an additional 564,956 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.