Cipher Mining (NASDAQ:CIFR) Trading Down 4.2% - Time to Sell?

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CIFR. Rosenblatt Securities initiated coverage on Cipher Mining in a research report on Friday, March 7th. They issued a "buy" rating and a $6.50 target price on the stock. Needham & Company LLC lowered their target price on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. JPMorgan Chase & Co. downgraded shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Canaccord Genuity Group reissued a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a research report on Wednesday, February 26th. Finally, Cantor Fitzgerald dropped their price objective 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. 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 data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $8.13.

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Cipher Mining Stock Performance

The stock has a market cap of $852.90 million, a PE ratio of -17.84 and a beta of 2.47. The company's 50 day simple moving average is $4.50 and its 200 day simple moving average is $4.98. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Private Advisor Group LLC increased its holdings in 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 purchasing an additional 95,400 shares during the period. State Street Corp boosted its stake 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 buying an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC increased 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 buying an additional 1,511,455 shares during the last quarter. Paloma Partners Management Co bought a new position in shares of Cipher Mining in the third quarter worth about $4,029,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cipher Mining by 33.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,139,553 shares of the company's stock worth $14,568,000 after buying an additional 783,509 shares during the period. Hedge funds and other institutional investors own 12.26% of the company's stock.

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.