Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Time to Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Thursday . The stock had previously closed at $2.65, but opened at $2.33. Cipher Mining shares last traded at $2.40, with a volume of 1,201,926 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald dropped their price target on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. JPMorgan Chase & Co. cut Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. Canaccord Genuity Group reissued a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Northland Securities raised their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. One investment 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’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $8.13.

Cipher Mining Price Performance

The company has a market cap of $867.60 million, a price-to-earnings ratio of -18.15 and a beta of 2.47. The company has a fifty day simple moving average of $4.32 and a two-hundred day simple moving average of $4.98. 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

A number of large investors have recently added to or reduced their stakes in CIFR. California State Teachers Retirement System raised its position in shares of Cipher Mining by 12.8% during the 4th quarter. California State Teachers Retirement System now owns 213,322 shares of the company’s stock worth $990,000 after purchasing an additional 24,209 shares during the last quarter. Mackenzie Financial Corp increased its position in Cipher Mining by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock worth $61,000 after buying an additional 2,754 shares in the last quarter. GTS Securities LLC acquired a new position in shares of Cipher Mining in the fourth quarter worth $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Cipher Mining by 71.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after acquiring an additional 153,921 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining in the fourth quarter valued at $5,378,000. 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.