Cipher Mining (NASDAQ:CIFR) Trading Down 6.5%

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded down 6.5% during trading on Tuesday . The company traded as low as $4.06 and last traded at $4.18. 1,542,241 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 8,396,807 shares. The stock had previously closed at $4.47.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CIFR. Needham & Company LLC restated a “buy” rating and issued a $5.00 price target on shares of Cipher Mining in a research report on Monday, April 22nd. HC Wainwright lifted their price target on Cipher Mining from $4.50 to $5.50 and gave the stock a “buy” rating in a report on Tuesday. Canaccord Genuity Group reissued a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Thursday, March 28th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $5.00 target price on shares of Cipher Mining in a research note on Thursday, March 28th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $5.42.

Cipher Mining Trading Down 14.5 %

The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $4.02 and a 200-day simple moving average of $3.51. The company has a market cap of $1.13 billion, a PE ratio of -38.20 and a beta of 2.32.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.12. The firm had revenue of $43.42 million for the quarter, compared to analyst estimates of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. On average, analysts predict that Cipher Mining Inc. will post -0.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System purchased a new stake in shares of Cipher Mining during the third quarter worth $33,000. Jump Financial LLC purchased a new stake in Cipher Mining during the 3rd quarter worth about $244,000. Barclays PLC raised its position in Cipher Mining by 93.4% in the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after purchasing an additional 7,720 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock valued at $25,000 after buying an additional 5,592 shares during the period. Finally, Swiss National Bank acquired a new position in shares of Cipher Mining during the third quarter worth about $255,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.