Cipher Mining (NASDAQ:CIFR) Trading Down 3.5% - Here's Why

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price traded down 3.5% during mid-day trading on Tuesday . The stock traded as low as $2.38 and last traded at $2.36. 1,256,027 shares traded hands during trading, a decline of 88% from the average session volume of 10,654,826 shares. The stock had previously closed at $2.44.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of recent research reports. 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 research note on Tuesday, February 4th. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They issued an "outperform" rating for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 price target 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 report on Thursday, March 13th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Cipher Mining has a consensus rating of "Buy" and a consensus price target of $8.13.

Cipher Mining Stock Performance

The stock's 50 day simple moving average is $3.44 and its two-hundred day simple moving average is $4.85. The company has a market cap of $871.28 million, a PE ratio of -18.23 and a beta of 2.65. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its stake in Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock worth $28,000 after acquiring an additional 5,432 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in shares of Cipher Mining during the 4th quarter worth about $29,000. FNY Investment Advisers LLC increased its position in Cipher Mining by 42.9% during the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after purchasing an additional 4,800 shares in the last quarter. KBC Group NV purchased a new position in Cipher Mining in the fourth quarter valued at approximately $46,000. Finally, Apollon Wealth Management LLC acquired a new position in Cipher Mining during the fourth quarter valued at approximately $49,000. 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.