Cipher Mining (NASDAQ:CIFR) Hits New 12-Month Low – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) hit a new 52-week low on Tuesday. The company traded as low as $8.65 and last traded at $8.3960, with a volume of 1,089,610 shares traded. The stock had previously closed at $8.94.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several research analyst reports. Cantor Fitzgerald reduced their target price on shares of Cipher Mining from $28.00 to $19.00 and set an “overweight” rating for the company in a report on Friday. Morgan Stanley dropped their price objective on shares of Cipher Mining from $54.00 to $51.50 and set an “overweight” rating for the company in a research note on Monday, October 12th. Freedom Capital upgraded shares of Cipher Mining to a “hold” rating in a research report on Friday, September 18th. Wells Fargo & Company began coverage on Cipher Mining in a research report on Thursday, September 17th. They set an “overweight” rating and a $25.00 target price for the company. Finally, BTIG Research raised their price target on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.56.

Cipher Mining Price Performance

The business has a 50 day moving average price of $15.78 and a 200-day moving average price of $19.23. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of -2.96 and a beta of 3.20. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. During the same period last year, the company posted ($0.12) earnings per share. Research analysts predict that Cipher Mining Inc. will post -1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Wellington Management Group LLP boosted its position in shares of Cipher Mining by 567.1% during the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock valued at $97,652,000 after purchasing an additional 3,388,359 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Cipher Mining in the 1st quarter worth about $24,486,000. Moore Capital Management LP purchased a new stake in Cipher Mining during the 2nd quarter valued at about $35,077,000. Troluce Capital Advisors LLC bought a new stake in Cipher Mining during the 1st quarter valued at about $17,374,000. Finally, Bank of America Corp DE raised its holdings in Cipher Mining by 237.7% in the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after acquiring an additional 995,735 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.