Cipher Mining (NASDAQ:CIFR) Hits New 52-Week Low – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $2.58 and last traded at $2.64, with a volume of 11509404 shares. The stock had previously closed at $3.04.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Northland Securities raised their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th. Finally, Needham & Company LLC decreased their price target on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. One equities research 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 company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $8.13.

Cipher Mining Stock Down 8.7 %

The firm’s 50 day simple moving average is $4.56 and its 200-day simple moving average is $4.98. 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 $852.90 million, a price-to-earnings ratio of -17.84 and a beta of 2.47.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its stake in shares of Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after buying an additional 2,101 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Cipher Mining in the 3rd quarter valued at about $133,000. Charles Schwab Investment Management Inc. grew its holdings in Cipher Mining by 71.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company’s stock worth $9,118,000 after purchasing an additional 977,963 shares during the period. The Manufacturers Life Insurance Company increased its position in Cipher Mining by 47.4% during the third quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock worth $383,000 after buying an additional 31,815 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in Cipher Mining in the third quarter valued at approximately $117,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.