Cipher Mining (NASDAQ:CIFR) Shares Down 9.2% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) fell 9.2% during trading on Monday . The company traded as low as $4.96 and last traded at $4.99. 4,313,803 shares changed hands during trading, a decline of 62% from the average session volume of 11,275,271 shares. The stock had previously closed at $5.49.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CIFR shares. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research lifted their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research report on Friday, January 31st. Finally, Northland Securities boosted their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Ten analysts have rated the stock with 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 target price of $8.14.

Cipher Mining Stock Performance

The firm has a market capitalization of $1.79 billion, a P/E ratio of -39.42 and a beta of 2.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a 50-day moving average price of $5.50 and a two-hundred day moving average price of $5.04.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in CIFR. Mackenzie Financial Corp raised its stake in shares of Cipher Mining by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after acquiring an additional 2,754 shares in the last quarter. GTS Securities LLC purchased a new position in Cipher Mining during the 4th quarter worth $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Cipher Mining by 71.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after purchasing an additional 153,921 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining in the 4th quarter worth $5,378,000. Finally, Vennlight Capital Management LP bought a new position in shares of Cipher Mining during the 4th quarter worth $1,370,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.