Cipher Mining (NASDAQ:CIFR) Reaches New 1-Year Low - What's Next?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $1.86 and last traded at $2.23, with a volume of 24650089 shares traded. The stock had previously closed at $2.10.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They set an "outperform" rating for the company. Rosenblatt Securities initiated coverage on shares of Cipher Mining in a report on Friday, March 7th. They issued a "buy" rating and a $6.50 price objective on the stock. Cantor Fitzgerald cut their target price on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Tuesday, February 4th. Canaccord Genuity Group reiterated a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Wednesday, February 26th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Cipher Mining presently has an average rating of "Buy" and an average target price of $8.13.

Cipher Mining Price Performance

The stock's fifty day moving average price is $3.79 and its 200-day moving average price is $4.91. The firm has a market cap of $889.66 million, a PE ratio of -18.61 and a beta of 2.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Remove Ads

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently bought and sold shares of the stock. Voya Investment Management LLC boosted its position in shares of Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock worth $274,000 after buying an additional 2,036 shares during the period. Xponance Inc. raised its holdings in shares of Cipher Mining by 17.8% during the fourth quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after purchasing an additional 2,140 shares during the period. Russell Investments Group Ltd. lifted its holdings in Cipher Mining by 17.4% in the fourth quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock worth $67,000 after acquiring an additional 2,149 shares during the last quarter. Mackenzie Financial Corp boosted its position in Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock valued at $61,000 after purchasing an additional 2,754 shares during the period. Finally, Verition Fund Management LLC increased its holdings in shares of Cipher Mining by 30.7% in the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company's stock worth $51,000 after acquiring an additional 3,086 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.