Cipher Mining (NASDAQ:CIFR) Shares Gap Down - Here's Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $4.97, but opened at $4.64. Cipher Mining shares last traded at $4.14, with a volume of 2,372,490 shares.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Northland Securities raised their price target on Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a report on Wednesday, December 4th. HC Wainwright restated a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research report on Wednesday. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price target for the company in a research report on Tuesday, December 10th. Cantor Fitzgerald cut their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Tuesday, February 4th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They set an "outperform" rating for the company. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $8.31.

Cipher Mining Trading Up 2.8 %

The company's fifty day simple moving average is $5.28 and its two-hundred day simple moving average is $5.03. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -31.38 and a beta of 2.41. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

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Institutional Trading of Cipher Mining

Hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC increased its holdings 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 acquiring an additional 2,036 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Cipher Mining by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company's stock valued at $101,000 after purchasing an additional 2,101 shares during the period. Xponance Inc. raised its holdings in 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 period. Russell Investments Group Ltd. lifted its stake in Cipher Mining by 17.4% in the fourth 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 in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock valued at $61,000 after buying an additional 2,754 shares in the last quarter. Institutional investors and hedge funds 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.