Cipher Mining (NASDAQ:CIFR) Stock Price Down 2.7%

Shares of Cipher Mining Inc. (NASDAQ:CIFR) were down 2.7% during trading on Friday . The stock traded as low as $3.56 and last traded at $3.58. Approximately 1,447,940 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 8,739,508 shares. The stock had previously closed at $3.68.

Analyst Ratings Changes

Several analysts recently commented on CIFR shares. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price target on shares of Cipher Mining in a research report on Monday, March 18th. Canaccord Genuity Group reiterated a “buy” rating and issued a $5.50 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $4.50 price target on shares of Cipher Mining in a research report on Tuesday, March 5th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.25.

Cipher Mining Stock Up 4.3 %

The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -38.40 and a beta of 2.22. The firm’s 50 day simple moving average is $3.87 and its 200-day simple moving average is $3.37.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.12. The company had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. On average, sell-side analysts anticipate that Cipher Mining Inc. will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in CIFR. Swiss National Bank grew its stake in shares of Cipher Mining by 7.1% during the 1st quarter. Swiss National Bank now owns 116,500 shares of the company’s stock worth $424,000 after purchasing an additional 7,700 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Cipher Mining during the 1st quarter worth $51,000. Cambridge Investment Research Advisors Inc. grew its stake in shares of Cipher Mining by 32.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 26,750 shares of the company’s stock worth $97,000 after purchasing an additional 6,500 shares during the period. Citigroup Inc. grew its stake in shares of Cipher Mining by 879.7% during the 1st quarter. Citigroup Inc. now owns 103,215 shares of the company’s stock worth $376,000 after purchasing an additional 92,680 shares during the period. Finally, BlackRock Inc. grew its stake in shares of Cipher Mining by 14.7% during the 1st quarter. BlackRock Inc. now owns 233,677 shares of the company’s stock worth $850,000 after purchasing an additional 30,031 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

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.