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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) dropped 8.7% during trading on Monday . The company 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.

Wall Street Analysts Forecast Growth

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

Cipher Mining Price Performance

The business’s 50-day simple moving average is $3.95 and its two-hundred day simple moving average is $3.47. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.12. The business 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, sell-side analysts expect that Cipher Mining Inc. will post -0.15 EPS for the current year.

Institutional Trading of Cipher Mining

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