Cipher Mining (NASDAQ:CIFR) Shares Down 1.8% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 1.8% during trading on Friday . The company traded as low as $2.96 and last traded at $2.98. 2,399,592 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 13,687,311 shares. The stock had previously closed at $3.03.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Rosenblatt Securities began coverage on shares of Cipher Mining in a report on Friday, March 7th. They issued a “buy” rating and a $6.50 price target on the stock. Northland Securities raised their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald reduced their target price on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Needham & Company LLC cut their price target on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. downgraded Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $8.13.

Cipher Mining Trading Up 0.3 %

The stock has a fifty day moving average of $4.96 and a 200 day moving average of $5.01. The company has a market capitalization of $1.12 billion, a P/E ratio of -23.38 and a beta of 2.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently bought and sold shares of the stock. V3 Holding Ltd bought a new stake in Cipher Mining during the fourth quarter valued at about $452,713,000. Lone Pine Capital LLC bought a new position in shares of Cipher Mining during the 4th quarter valued at approximately $10,878,000. Helix Partners Management LP bought a new position in shares of Cipher Mining during the 4th quarter valued at approximately $10,426,000. Driehaus Capital Management LLC bought a new stake in Cipher Mining in the fourth quarter worth $9,439,000. Finally, Tidal Investments LLC lifted its position in Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after buying an additional 1,584,874 shares during the last quarter. 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.