Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $3.86, but opened at $3.65. Cipher Mining shares last traded at $3.75, with a volume of 2,081,861 shares traded.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CIFR shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Wednesday, May 7th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th. HC Wainwright reissued a “buy” rating on shares of Cipher Mining in a report on Tuesday, May 6th. Needham & Company LLC dropped their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Cipher Mining currently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Trading Down 0.8%

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm’s 50 day simple moving average is $2.81 and its two-hundred day simple moving average is $4.61. The stock has a market cap of $1.40 billion, a P/E ratio of -29.07 and a beta of 2.61.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $48.96 million during the quarter, compared to the consensus estimate of $53.57 million. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its position in Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares during the period. NewEdge Advisors LLC acquired a new position in shares of Cipher Mining in the fourth quarter valued at $29,000. Stoneridge Investment Partners LLC acquired a new position in shares of Cipher Mining in the first quarter valued at $29,000. FNY Investment Advisers LLC lifted its holdings in shares of Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company’s stock valued at $36,000 after acquiring an additional 4,800 shares during the period. Finally, Valeo Financial Advisors LLC bought a new position in shares of Cipher Mining during the first quarter valued at $37,000. Institutional investors 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.