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

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

Analysts Set New Price Targets

Several equities analysts have commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $4.50 price objective on shares of Cipher Mining in a report on Tuesday, March 5th. Canaccord Genuity Group restated a “buy” rating and issued a $5.50 price target on shares of Cipher Mining in a research note on Thursday, March 28th. Cantor Fitzgerald restated an “overweight” rating and issued a $5.00 price target on shares of Cipher Mining in a research note on Thursday, March 28th. Finally, Needham & Company LLC restated a “buy” rating and issued a $5.00 price target 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 assigned a buy rating to the company. According to MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $5.25.

Cipher Mining Price Performance

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

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

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the company. Sloy Dahl & Holst LLC bought a new stake in Cipher Mining during the fourth quarter worth about $44,000. New York State Common Retirement Fund lifted its holdings in shares of Cipher Mining by 104.9% in the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after acquiring an additional 5,592 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Cipher Mining in the third quarter worth about $27,000. Walleye Capital LLC bought a new position in shares of Cipher Mining in the second quarter worth about $34,000. Finally, Wolverine Asset Management LLC bought a new position in shares of Cipher Mining in the fourth quarter worth about $49,000. 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.