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 traded.

Wall Street Analyst Weigh In

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

Cipher Mining Trading Down 9.0 %

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 stock’s 50 day moving average price is $3.81 and its 200-day moving average price is $3.34. The stock has a market capitalization of $984.35 million, a P/E ratio of -34.30 and a beta of 2.21.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. The company had revenue of $43.42 million during the quarter, compared to the consensus estimate of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. As a group, equities research analysts expect that Cipher Mining Inc. will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CIFR. Swiss National Bank raised its holdings in shares of Cipher Mining by 7.1% during the first 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 last quarter. Bank of New York Mellon Corp purchased a new position in shares of Cipher Mining during the first quarter worth $51,000. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Cipher Mining by 32.1% during the first 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 last quarter. Citigroup Inc. increased its holdings in Cipher Mining by 879.7% in the first quarter. Citigroup Inc. now owns 103,215 shares of the company’s stock valued at $376,000 after buying an additional 92,680 shares in the last quarter. Finally, BlackRock Inc. grew its position in shares of Cipher Mining by 14.7% in the first quarter. BlackRock Inc. now owns 233,677 shares of the company’s stock valued at $850,000 after purchasing an additional 30,031 shares during the period. Hedge funds and other 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.