Cipher Mining (NASDAQ:CIFR) Sets New 1-Year Low – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR) hit a new 52-week low during trading on Tuesday . The stock traded as low as $1.86 and last traded at $2.23, with a volume of 24650089 shares traded. The stock had previously closed at $2.10.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CIFR. Keefe, Bruyette & Woods initiated coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th. Needham & Company LLC cut their target price on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Rosenblatt Securities began coverage on shares of Cipher Mining in a report on Friday, March 7th. They set a “buy” rating and a $6.50 price target on the stock. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Cipher Mining currently has an average rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The business’s fifty day moving average price is $4.13 and its two-hundred day moving average price is $4.98. The stock has a market capitalization of $857.68 million, a P/E ratio of -17.81 and a beta of 2.65.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently modified their holdings of the stock. Private Advisor Group LLC grew its stake in shares of Cipher Mining by 90.4% during the fourth quarter. Private Advisor Group LLC now owns 200,940 shares of the company’s stock valued at $932,000 after buying an additional 95,400 shares during the last quarter. State Street Corp lifted its position in shares of Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Cipher Mining by 33.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,139,553 shares of the company’s stock worth $14,568,000 after buying an additional 783,509 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Cipher Mining by 47.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock valued at $383,000 after buying an additional 31,815 shares during the period. Institutional investors own 12.26% of the company’s stock.

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.