Cipher Mining (NASDAQ:CIFR) Trading Down 1.8% - Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price was down 1.8% during trading on Friday . The stock traded as low as $2.96 and last traded at $2.98. Approximately 2,399,592 shares traded hands during trading, a decline of 82% from the average daily volume of 13,687,311 shares. The stock had previously closed at $3.03.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CIFR shares. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They issued an "outperform" rating on the stock. Needham & Company LLC reduced their price target on Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lowered Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Cantor Fitzgerald reduced their target price on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Tuesday, February 4th. Finally, HC Wainwright restated a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of "Buy" and a consensus target price of $8.13.

Cipher Mining Trading Up 7.5 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The business's fifty day moving average is $4.86 and its 200-day moving average is $5.02. The firm has a market cap of $1.13 billion, a P/E ratio of -23.42 and a beta of 2.47.

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Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently made changes to their positions in the stock. V3 Holding Ltd acquired a new position in Cipher Mining during the 4th quarter worth approximately $452,713,000. Vanguard Group Inc. raised its position in shares of Cipher Mining by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock worth $84,318,000 after purchasing an additional 1,189,756 shares during the period. State Street Corp lifted its holdings in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company's stock worth $26,777,000 after purchasing an additional 1,019,949 shares in the last quarter. Invesco Ltd. grew its position in Cipher Mining by 16.7% in the 4th quarter. Invesco Ltd. now owns 6,443,723 shares of the company's stock valued at $29,899,000 after purchasing an additional 924,262 shares during the period. Finally, Geode Capital Management LLC grew its position in Cipher Mining by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company's stock valued at $26,583,000 after purchasing an additional 218,137 shares during the period. Institutional investors and hedge funds 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.