Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $5.15

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped down prior to trading on Monday . The stock had previously closed at $5.15, but opened at $4.94. Cipher Mining shares last traded at $4.88, with a volume of 1,866,795 shares changing hands.

Wall Street Analyst Weigh In

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

Cipher Mining Stock Performance

The stock has a 50 day simple moving average of $3.56 and a 200-day simple moving average of $3.24. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Swiss National Bank lifted its stake in shares of 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 purchasing an additional 7,700 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Cipher Mining during the 1st quarter valued at $51,000. Cambridge Investment Research Advisors Inc. lifted its position in Cipher Mining by 32.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 26,750 shares of the company’s stock worth $97,000 after buying an additional 6,500 shares during the last quarter. Citigroup Inc. boosted its stake in Cipher Mining by 879.7% during the first quarter. Citigroup Inc. now owns 103,215 shares of the company’s stock worth $376,000 after buying an additional 92,680 shares during the period. Finally, BlackRock Inc. increased its position in Cipher Mining by 14.7% during the first quarter. BlackRock Inc. now owns 233,677 shares of the company’s stock valued at $850,000 after acquiring an additional 30,031 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.