Cipher Mining (NASDAQ:CIFR) Shares Down 4.5% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 4.5% during trading on Monday . The stock traded as low as $3.36 and last traded at $3.62. 5,014,306 shares traded hands during trading, a decline of 61% from the average session volume of 12,864,376 shares. The stock had previously closed at $3.79.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CIFR. Cantor Fitzgerald increased their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Thursday, June 5th. Needham & Company LLC reduced their price target on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. HC Wainwright restated a “buy” rating on shares of Cipher Mining in a research note on Tuesday, May 6th. JPMorgan Chase & Co. cut Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $7.63.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a 50-day moving average price of $3.35 and a 200-day moving average price of $4.11. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -10.69 and a beta of 2.58.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. The business had revenue of $48.96 million for the quarter, compared to analysts’ expectations of $53.57 million. As a group, analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently modified their holdings of CIFR. Voya Investment Management LLC boosted its holdings in shares of Cipher Mining by 3.6% during the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock worth $274,000 after buying an additional 2,036 shares during the period. Xponance Inc. boosted 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 acquiring an additional 2,140 shares during the period. Russell Investments Group Ltd. grew its position in shares of Cipher Mining by 17.4% in the fourth quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock valued at $67,000 after purchasing an additional 2,149 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Cipher Mining by 26.6% in the fourth 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. Finally, Wellington Management Group LLP increased its stake in shares of Cipher Mining by 11.7% during the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock worth $64,000 after purchasing an additional 2,940 shares during the period. 12.26% of the stock is owned by institutional investors.

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.