Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price dropped 5.2% during mid-day trading on Thursday . The company traded as low as $3.75 and last traded at $3.94. Approximately 1,758,762 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 13,866,032 shares. The stock had previously closed at $4.16.
Analyst Upgrades and Downgrades
CIFR has been the subject of a number of recent research reports. Cantor Fitzgerald decreased their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Tuesday, February 4th. Rosenblatt Securities initiated coverage on shares of Cipher Mining in a report on Friday. They set a "buy" rating and a $6.50 price target for the company. 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 report on Tuesday, December 10th. HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. Eleven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $8.13.
Get Our Latest Analysis on CIFR
Cipher Mining Price Performance
The stock's 50-day moving average price is $5.11 and its 200 day moving average price is $5.04. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -23.69 and a beta of 2.47. 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 stock. Nisa Investment Advisors LLC raised its position in shares of Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after buying an additional 5,432 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Cipher Mining in the fourth quarter worth about $29,000. Farther Finance Advisors LLC acquired a new position in Cipher Mining in the third quarter worth about $33,000. KBC Group NV acquired a new position in Cipher Mining in the fourth quarter worth about $46,000. Finally, Apollon Wealth Management LLC acquired a new position in Cipher Mining in the fourth quarter worth about $49,000. Institutional investors and hedge funds own 12.26% of the company's stock.
About Cipher Mining
(
Get Free Report)
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.
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