Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Time to Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Tuesday . The stock had previously closed at $3.85, but opened at $3.65. Cipher Mining shares last traded at $3.36, with a volume of 2,605,564 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. BTIG Research increased their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Canaccord Genuity Group reissued a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. Needham & Company LLC cut their price target on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Northland Securities lifted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research note on Tuesday, December 10th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $8.31.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -29.74 and a beta of 2.41. The stock has a 50 day moving average price of $5.25 and a 200-day moving average price of $5.05.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC lifted its stake in shares of Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock worth $274,000 after buying an additional 2,036 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Cipher Mining by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after acquiring an additional 2,101 shares during the last quarter. Xponance Inc. lifted its stake in Cipher Mining by 17.8% in the 4th quarter. Xponance Inc. now owns 14,151 shares of the company’s stock worth $66,000 after purchasing an additional 2,140 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock worth $67,000 after purchasing an additional 2,149 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock worth $61,000 after purchasing an additional 2,754 shares during the last quarter. Institutional investors and hedge funds 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.