Cipher Mining (NASDAQ:CIFR) Stock Price Down 4.2% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares traded down 4.2% during mid-day trading on Tuesday . The company traded as low as $3.05 and last traded at $3.07. 1,039,988 shares were traded during trading, a decline of 90% from the average session volume of 10,432,114 shares. The stock had previously closed at $3.20.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CIFR shares. Canaccord Genuity Group reiterated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. JPMorgan Chase & Co. cut Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. Rosenblatt Securities initiated coverage on Cipher Mining in a report on Friday, March 7th. They issued a “buy” rating and a $6.50 target price on the stock. Finally, Northland Securities increased their price target on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.13.

Cipher Mining Stock Performance

The stock’s 50 day moving average price is $4.70 and its two-hundred day moving average price is $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 firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -23.04 and a beta of 2.47.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC boosted its stake in shares of Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after acquiring an additional 5,432 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in Cipher Mining during the fourth quarter worth $29,000. KBC Group NV acquired a new stake in Cipher Mining in the fourth quarter valued at $46,000. Rafferty Asset Management LLC purchased a new position in shares of Cipher Mining in the fourth quarter valued at $49,000. Finally, Apollon Wealth Management LLC acquired a new position in shares of Cipher Mining during the 4th quarter worth $49,000. 12.26% of the stock is owned by hedge funds and other 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.