Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report)’s stock price reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $7.73 and last traded at $7.6920, with a volume of 1,275,755 shares. The stock had previously closed at $7.94.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on CIFR. Rothschild & Co Redburn started coverage on Cipher Mining in a report on Monday, September 21st. They issued a “neutral” rating and a $18.00 target price for the company. Chardan Capital restated a “buy” rating and set a $32.00 price target on shares of Cipher Mining in a research note on Tuesday, August 4th. Wells Fargo & Company started coverage on shares of Cipher Mining in a research report on Thursday, September 17th. They set an “overweight” rating and a $25.00 price objective for the company. Rosenblatt Securities reissued a “buy” rating and set a $30.00 price target on shares of Cipher Mining in a report on Thursday, September 10th. Finally, Freedom Capital upgraded Cipher Mining to a “hold” rating in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.65.
View Our Latest Stock Analysis on CIFR
Cipher Mining Price Performance
The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -2.76 and a beta of 3.20. The company’s 50-day moving average is $15.07 and its 200-day moving average is $19.10.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The business had revenue of $24.84 million during the quarter, compared to analysts’ expectations of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same quarter in the previous year, the business posted ($0.12) EPS. On average, research analysts expect that Cipher Mining Inc. will post -1.36 earnings per share for the current year.
Institutional Trading of Cipher Mining
Institutional investors and hedge funds have recently made changes to their positions in the stock. GK Wealth Management LLC acquired a new position in shares of Cipher Mining during the third quarter valued at $25,000. CoreCap Advisors LLC lifted its position in Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares during the period. Ancora Advisors LLC bought a new stake in shares of Cipher Mining in the 2nd quarter worth $49,000. Harbor Investment Advisory LLC bought a new position in Cipher Mining during the second quarter valued at about $58,000. Finally, EverSource Wealth Advisors LLC raised its position in Cipher Mining by 259.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after acquiring an additional 2,423 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.
Cipher Mining Company Profile
Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.
Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.
The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.
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