Cipher Mining (NASDAQ:CIFR) Sets New 52-Week Low – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR) reached a new 52-week low during mid-day trading on Monday. The company traded as low as $7.73 and last traded at $7.6920, with a volume of 1,275,755 shares traded. The stock had previously closed at $7.94.

Analyst Ratings Changes

Several research firms have recently commented on CIFR. Citigroup restated a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. Freedom Capital upgraded shares of Cipher Mining to a “hold” rating in a report on Friday, September 18th. Rothschild & Co Redburn initiated 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. Chardan Capital restated a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a report on Tuesday, August 4th. Finally, Cantor Fitzgerald reduced their price objective on shares of Cipher Mining from $28.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. One 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 company. According to data from MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and an average price target of $28.65.

Cipher Mining Trading Up 10.0%

The company’s fifty day simple moving average is $14.67 and its 200-day simple moving average is $17.89. The stock has a market cap of $3.52 billion, a P/E ratio of -2.97 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The company had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same quarter last year, the company posted ($0.12) earnings per share. As a group, analysts expect that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

Several hedge funds have recently modified their holdings of the stock. Bank of America Corp DE boosted its position in Cipher Mining by 237.7% during the first quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock valued at $18,207,000 after purchasing an additional 995,735 shares during the last quarter. Moore Capital Management LP acquired a new stake in Cipher Mining in the second quarter valued at $35,077,000. Wellington Management Group LLP increased its stake in shares of 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 during the last quarter. FirstWave Capital Management LLC acquired a new position in shares of Cipher Mining during the 2nd quarter worth about $2,410,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in Cipher Mining during the first quarter worth about $2,188,000. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

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.