Cipher Mining (NASDAQ:CIFR) Shares Down 1.8% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) traded down 1.8% on Friday . The company traded as low as $2.96 and last traded at $2.98. 2,399,592 shares traded hands during trading, a decline of 82% from the average session volume of 13,687,311 shares. The stock had previously closed at $3.03.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald lowered their target price on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Canaccord Genuity Group reissued a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Rosenblatt Securities initiated coverage on shares of Cipher Mining in a research report on Friday, March 7th. They issued a “buy” rating and a $6.50 price target for the company. Finally, Northland Securities lifted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Stock Performance

The company has a 50-day moving average price of $4.96 and a two-hundred day moving average price of $5.01. 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 stock has a market capitalization of $1.12 billion, a P/E ratio of -23.38 and a beta of 2.47.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp increased its position in Cipher Mining by 26.6% in the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after buying an additional 2,754 shares in the last quarter. GTS Securities LLC purchased a new position in Cipher Mining in the fourth quarter valued at about $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cipher Mining by 71.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after acquiring an additional 153,921 shares during the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining during the 4th quarter valued at approximately $5,378,000. Finally, Vennlight Capital Management LP purchased a new stake in shares of Cipher Mining during the 4th quarter valued at approximately $1,370,000. 12.26% of the stock is owned by 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.