Cipher Mining (NASDAQ:CIFR) Stock Price Down 9.2% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) traded down 9.2% during mid-day trading on Monday . The company traded as low as $4.96 and last traded at $4.99. 4,313,803 shares traded hands during trading, a decline of 62% from the average session volume of 11,275,271 shares. The stock had previously closed at $5.49.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CIFR shares. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research report on Friday, January 31st. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research report on Tuesday, December 10th. Macquarie raised their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.14.

Cipher Mining Trading Down 6.5 %

The stock has a fifty day simple moving average of $5.50 and a 200 day simple moving average of $5.04. The firm has a market capitalization of $1.79 billion, a P/E ratio of -39.42 and a beta of 2.41. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in Cipher Mining during the third quarter valued at $49,000. Creative Planning boosted its holdings in shares of Cipher Mining by 106.0% during the 3rd quarter. Creative Planning now owns 51,492 shares of the company’s stock valued at $188,000 after purchasing an additional 26,498 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Cipher Mining by 43.5% during the 3rd quarter. Private Advisor Group LLC now owns 105,540 shares of the company’s stock valued at $408,000 after purchasing an additional 32,000 shares during the last quarter. Vima LLC grew its position in shares of Cipher Mining by 11.3% during the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after purchasing an additional 2,504 shares in the last quarter. Finally, Strategic Blueprint LLC increased its holdings in shares of Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors 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.