Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $3.12, but opened at $3.02. Cipher Mining shares last traded at $3.01, with a volume of 1,068,685 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CIFR. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Cantor Fitzgerald cut their target price on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. Finally, Rosenblatt Securities initiated coverage on Cipher Mining in a research note on Friday, March 7th. They issued a “buy” rating and a $6.50 price target for the company. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $8.13.

Cipher Mining Stock Performance

The stock has a 50-day moving average of $4.91 and a 200 day moving average of $5.02. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $1.11 billion, a P/E ratio of -23.27 and a beta of 2.47.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Mackenzie Financial Corp raised its holdings in 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 buying an additional 2,754 shares during the period. GTS Securities LLC acquired a new stake in Cipher Mining in the 4th quarter valued at approximately $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Cipher Mining by 71.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock worth $1,720,000 after acquiring an additional 153,921 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Cipher Mining during the fourth quarter worth $5,378,000. Finally, Vennlight Capital Management LP bought a new position in Cipher Mining in the fourth quarter valued at approximately $1,370,000. Institutional investors and hedge funds 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.