Cipher Mining (NASDAQ:CIFR) Shares Down 4.2% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price dropped 4.2% during trading on Tuesday . The company traded as low as $3.05 and last traded at $3.07. Approximately 1,039,988 shares changed hands during trading, a decline of 90% from the average daily volume of 10,432,114 shares. The stock had previously closed at $3.20.

Analyst Upgrades and Downgrades

CIFR has been the subject of a number of research reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. Rosenblatt Securities started coverage on shares of Cipher Mining in a research note on Friday, March 7th. They set a “buy” rating and a $6.50 price target on the stock. Needham & Company LLC lowered their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, Cantor Fitzgerald decreased their price target 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. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Price Performance

The stock has a fifty day simple moving average of $4.70 and a 200-day simple moving average of $5.01. The company has a market capitalization of $1.10 billion, a PE ratio of -23.04 and a beta of 2.47. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Voya Investment Management LLC grew its position in shares of Cipher Mining by 3.6% in the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock valued at $274,000 after buying an additional 2,036 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Cipher Mining by 8.8% in the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after acquiring an additional 2,101 shares in the last quarter. Xponance Inc. grew its holdings in shares of Cipher Mining by 17.8% during the fourth quarter. Xponance Inc. now owns 14,151 shares of the company’s stock worth $66,000 after purchasing an additional 2,140 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Cipher Mining by 17.4% during the fourth quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock worth $67,000 after purchasing an additional 2,149 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Cipher Mining by 26.6% in the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after purchasing an additional 2,754 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.