Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $3.65

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Tuesday . The stock had previously closed at $3.65, but opened at $3.54. Cipher Mining shares last traded at $3.47, with a volume of 826,397 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a research note on Thursday, March 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Thursday, March 28th. HC Wainwright reaffirmed a “buy” rating and set a $4.50 price target on shares of Cipher Mining in a research report on Tuesday, March 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a research note on Monday, March 18th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and an average price target of $5.25.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60. The firm has a fifty day moving average of $3.84 and a 200-day moving average of $3.35.

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, beating analysts’ consensus estimates 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 return on equity of 6.78% and a negative net margin of 20.32%. On average, research analysts forecast that Cipher Mining Inc. will post -0.15 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Financial Bankshares Inc bought a new stake in shares of Cipher Mining in the 4th quarter worth approximately $9,901,000. State Street Corp boosted its stake in Cipher Mining by 208.0% in the 2nd quarter. State Street Corp now owns 2,197,387 shares of the company’s stock worth $6,285,000 after purchasing an additional 1,483,836 shares during the period. Vanguard Group Inc. grew its position in Cipher Mining by 103.8% during the 1st quarter. Vanguard Group Inc. now owns 1,893,078 shares of the company’s stock worth $6,891,000 after purchasing an additional 964,326 shares in the last quarter. Renaissance Technologies LLC raised its position in Cipher Mining by 1,738.2% during the fourth quarter. Renaissance Technologies LLC now owns 645,200 shares of the company’s stock valued at $361,000 after buying an additional 610,100 shares during the period. Finally, Shariaportfolio Inc. purchased a new stake in Cipher Mining in the 4th quarter worth about $2,460,000. 12.26% of the stock is currently owned by 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.