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

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down before the market opened 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

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

Cipher Mining Stock Performance

The company’s 50-day moving average price is $3.84 and its two-hundred day moving average price is $3.35. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60.

Cipher Mining (NASDAQ:CIFR) last released its quarterly 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 firm had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. Equities research analysts anticipate that Cipher Mining Inc. will post -0.15 EPS for the current fiscal year.

Institutional Trading of Cipher Mining

Several hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank grew its holdings in Cipher Mining by 7.1% in the 1st quarter. Swiss National Bank now owns 116,500 shares of the company’s stock valued at $424,000 after buying an additional 7,700 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Cipher Mining in the first quarter valued at about $51,000. Cambridge Investment Research Advisors Inc. increased its position in 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 acquiring an additional 6,500 shares during the period. Citigroup Inc. raised its stake in Cipher Mining by 879.7% in the 1st quarter. Citigroup Inc. now owns 103,215 shares of the company’s stock worth $376,000 after purchasing an additional 92,680 shares in the last quarter. Finally, BlackRock Inc. boosted its holdings in Cipher Mining by 14.7% in the 1st 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. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Company Profile

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.