Cipher Mining (NASDAQ:CIFR) Shares Down 2.7%

Cipher Mining Inc. (NASDAQ:CIFR) shares fell 2.7% on Friday . The stock traded as low as $3.56 and last traded at $3.58. 1,447,940 shares traded hands during trading, a decline of 83% from the average session volume of 8,739,508 shares. The stock had previously closed at $3.68.

Analyst Ratings Changes

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

Cipher Mining Price Performance

The company has a 50 day moving average price of $3.86 and a 200-day moving average price of $3.35. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -36.80 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.12. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. The company had revenue of $43.42 million during the quarter, compared to the consensus estimate of $35.73 million. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.15 EPS for the current fiscal year.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sloy Dahl & Holst LLC acquired a new stake in Cipher Mining during the 4th quarter valued at approximately $44,000. New York State Common Retirement Fund increased its position in Cipher Mining by 104.9% during the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock valued at $25,000 after purchasing an additional 5,592 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Cipher Mining during the 3rd quarter valued at approximately $27,000. Walleye Capital LLC acquired a new stake in Cipher Mining during the 2nd quarter valued at approximately $34,000. Finally, Wolverine Asset Management LLC acquired a new stake in Cipher Mining during the 4th quarter valued at approximately $49,000. 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.