Cipher Mining (NASDAQ:CIFR) Sets New 52-Week Low – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) hit a new 52-week low on Tuesday. The stock traded as low as $8.65 and last traded at $8.3960, with a volume of 1,089,610 shares changing hands. The stock had previously closed at $8.94.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Citigroup reissued a “market outperform” rating on shares of Cipher Mining in a research report on Monday, August 10th. Keefe, Bruyette & Woods dropped their price target on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price target on shares of Cipher Mining in a research note on Thursday, September 10th. Rothschild & Co Redburn started coverage on Cipher Mining in a research note on Monday, September 21st. They set a “neutral” rating and a $18.00 price target for the company. Finally, Wells Fargo & Company started coverage on Cipher Mining in a report on Thursday, September 17th. They issued an “overweight” rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.65.

Cipher Mining Stock Performance

The company’s fifty day moving average is $15.44 and its 200 day moving average is $19.17. The company has a market capitalization of $3.79 billion, a P/E ratio of -3.19 and a beta of 3.20. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates 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 prior year, the firm posted ($0.12) earnings per share. As a group, equities analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently made changes to their positions in CIFR. Wellington Management Group LLP lifted its holdings in Cipher Mining by 567.1% during the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after purchasing an additional 3,388,359 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Cipher Mining by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after purchasing an additional 81,192 shares during the period. Moore Capital Management LP bought a new position in Cipher Mining in the 2nd quarter worth about $35,077,000. Jennison Associates LLC grew its holdings in Cipher Mining by 48.7% during the 1st quarter. Jennison Associates LLC now owns 2,519,281 shares of the company’s stock valued at $32,423,000 after buying an additional 824,618 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Cipher Mining during the 1st quarter valued at about $24,486,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.