Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $3.89, but opened at $3.64. Cipher Mining shares last traded at $3.20, with a volume of 1,977,987 shares changing hands.

Analysts Set New Price Targets

Several research firms recently commented on CIFR. Needham & Company LLC reduced their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. HC Wainwright reissued 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. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a report on Tuesday, December 10th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Eleven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $8.13.

Cipher Mining Price Performance

The firm has a 50 day moving average price of $5.08 and a 200 day moving average price of $5.04. The stock has a market capitalization of $1.17 billion, a PE ratio of -24.46 and a beta of 2.47. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of CIFR. Private Advisor Group LLC lifted its position in shares of Cipher Mining by 90.4% during the 4th quarter. Private Advisor Group LLC now owns 200,940 shares of the company’s stock valued at $932,000 after buying an additional 95,400 shares in the last quarter. State Street Corp lifted its holdings in Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of Cipher Mining in the third quarter worth approximately $4,029,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Cipher Mining by 47.4% in the third quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock worth $383,000 after purchasing an additional 31,815 shares in the last quarter. Hedge funds and other 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.