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

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price gapped down prior to trading 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 traded.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald reduced their target price 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. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock. Needham & Company LLC lowered their target price on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. JPMorgan Chase & Co. raised Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price target on the stock in a research report on Tuesday, December 10th. Finally, Macquarie increased their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an "outperform" rating in a research report on Thursday, November 7th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Cipher Mining has a consensus rating of "Buy" and an average target price of $8.31.

Cipher Mining Stock Performance

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 company has a market capitalization of $1.39 billion, a PE ratio of -29.61 and a beta of 2.41. The company has a 50 day moving average price of $5.28 and a 200 day moving average price of $5.05.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp raised its stake in shares of Cipher Mining by 26.6% in 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 in the last quarter. GTS Securities LLC bought a new stake in Cipher Mining in the fourth quarter valued at about $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Cipher Mining by 71.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company's stock valued at $1,720,000 after buying an additional 153,921 shares in the last quarter. Voloridge Investment Management LLC bought a new position in Cipher Mining during the 4th quarter worth approximately $5,378,000. Finally, Vennlight Capital Management LP acquired a new position in shares of Cipher Mining in the 4th quarter worth approximately $1,370,000. 12.26% of the stock is currently owned by 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.