Cipher Mining (NASDAQ:CIFR) Stock Price Down 8.7%

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price was down 8.7% during trading on Monday . The stock traded as low as $4.11 and last traded at $4.11. Approximately 851,092 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 8,563,475 shares. The stock had previously closed at $4.50.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Cipher Mining in a research note on Thursday, March 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Monday, April 22nd. HC Wainwright reissued a “buy” rating and set a $4.50 target price on shares of Cipher Mining in a report on Tuesday, March 5th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a report on Thursday, March 28th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.25.

Cipher Mining Trading Down 8.7 %

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 firm has a market cap of $1.22 billion, a PE ratio of -41.50 and a beta of 2.21. The stock’s 50 day simple moving average is $3.94 and its 200 day simple moving average is $3.45.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. The firm had revenue of $43.42 million during the quarter, compared to analyst estimates 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, sell-side analysts forecast that Cipher Mining Inc. will post -0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cornerstone Investment Partners LLC bought a new stake in Cipher Mining during the 1st quarter valued at $184,000. Hennion & Walsh Asset Management Inc. raised its holdings in Cipher Mining by 79.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 132,304 shares of the company’s stock valued at $681,000 after buying an additional 58,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Cipher Mining during the 1st quarter valued at $542,000. Nomura Holdings Inc. bought a new stake in Cipher Mining during the 4th quarter valued at $213,000. Finally, Quadrature Capital Ltd bought a new position in Cipher Mining in the 4th quarter worth $513,000. 12.26% of the stock is currently 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.