Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.64

Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Thursday . The stock had previously closed at $4.64, but opened at $4.32. Cipher Mining shares last traded at $4.30, with a volume of 1,706,163 shares traded.

Analysts Set New Price Targets

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

Cipher Mining Trading Down 4.5 %

The business has a 50 day simple moving average of $3.92 and a 200-day simple moving average of $3.41. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -42.60 and a beta of 2.22. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. The firm had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. On average, equities analysts predict that Cipher Mining Inc. will post -0.15 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. grew its holdings in Cipher Mining by 79.7% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 132,304 shares of the company’s stock valued at $681,000 after purchasing an additional 58,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Cipher Mining during the 1st quarter worth about $542,000. Nomura Holdings Inc. acquired a new stake in shares of Cipher Mining during the 4th quarter valued at about $213,000. Quadrature Capital Ltd acquired a new stake in shares of Cipher Mining during the 4th quarter valued at about $513,000. Finally, B. Riley Wealth Advisors Inc. raised its position in Cipher Mining by 50.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after purchasing an additional 5,000 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.