Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) shares reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $6.73 and last traded at $6.8880, with a volume of 6,680,583 shares changing hands. The stock had previously closed at $7.29.
Analyst Ratings Changes
A number of research analysts recently weighed in on the stock. UBS Group assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 23rd. They issued a “buy” rating and a $23.00 price target on the stock. Rothschild & Co Redburn initiated coverage on Cipher Mining in a research note on Monday, September 21st. They set a “neutral” rating and a $18.00 price objective for the company. Wells Fargo & Company initiated coverage on Cipher Mining in a report on Thursday, September 17th. They set an “overweight” rating and a $25.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, September 21st. Finally, Morgan Stanley lowered their target price on shares of Cipher Mining from $54.00 to $51.50 and set an “overweight” rating on the stock in a research note on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.65.
Get Our Latest Analysis on Cipher Mining
Cipher Mining Stock Down 4.0%
The business has a 50 day simple moving average of $14.17 and a 200 day simple moving average of $17.75. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -2.47 and a beta of 3.53. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last posted its quarterly earnings data on Monday, November 2nd. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.03. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. The business had revenue of $26.70 million for the quarter, compared to analyst estimates of $38.69 million. During the same quarter in the prior year, the company earned $0.10 earnings per share. The company’s revenue was down 62.8% on a year-over-year basis. As a group, equities analysts predict that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.
Institutional Trading of Cipher Mining
A number of large investors have recently made changes to their positions in the company. Covestor Ltd increased its position in Cipher Mining by 10,781.8% in the 3rd quarter. Covestor Ltd now owns 49,621 shares of the company’s stock valued at $785,000 after acquiring an additional 49,165 shares during the period. Integrity Alliance LLC. acquired a new stake in shares of Cipher Mining in the 3rd quarter worth $1,274,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Cipher Mining in the 3rd quarter worth $42,000. Global Assets Advisory LLC boosted its holdings in shares of Cipher Mining by 4.6% in the third quarter. Global Assets Advisory LLC now owns 63,879 shares of the company’s stock valued at $972,000 after acquiring an additional 2,825 shares in the last quarter. Finally, State of Wyoming purchased a new stake in shares of Cipher Mining in the third quarter valued at about $258,000. 12.26% of the stock is owned by institutional investors and hedge funds.
About Cipher Mining
Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.
Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.
The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.
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