Cipher Mining (NASDAQ:CIFR) Shares Gap Down - Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $3.12, but opened at $3.02. Cipher Mining shares last traded at $3.01, with a volume of 1,068,685 shares changing hands.

Analyst Ratings Changes

A number of research analysts have issued reports on CIFR shares. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. Rosenblatt Securities began coverage on shares of Cipher Mining in a report on Friday, March 7th. They issued a "buy" rating and a $6.50 price target for the company. Needham & Company LLC cut their price objective 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. HC Wainwright reiterated a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lowered shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. One investment 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 company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $8.13.

Cipher Mining Stock Performance

The stock has a 50-day moving average price of $4.74 and a 200 day moving average price of $5.00. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -22.46 and a beta of 2.47.

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Institutional Trading of Cipher Mining

A number of institutional investors have recently bought and sold shares of the business. Voya Investment Management LLC raised its position in shares of Cipher Mining by 3.6% during the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock worth $274,000 after acquiring an additional 2,036 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Cipher Mining by 8.8% during the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company's stock worth $101,000 after purchasing an additional 2,101 shares in the last quarter. Xponance Inc. lifted its position in shares of Cipher Mining by 17.8% during the 4th quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after buying an additional 2,140 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock valued at $67,000 after buying an additional 2,149 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock worth $61,000 after acquiring an additional 2,754 shares in the last quarter. 12.26% of the stock is 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.