Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) fell 9.3% during trading on Thursday. The company traded as low as $8.90 and last traded at $9.0190. 12,421,139 shares changed hands during trading, a decline of 58% from the average session volume of 29,863,281 shares. The stock had previously closed at $9.94.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald dropped their target price on Cipher Mining from $28.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday. Morgan Stanley decreased their price target on shares of Cipher Mining from $54.00 to $51.50 and set an “overweight” rating for the company in a report on Monday, October 12th. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a research report on Friday, September 25th. BTIG Research boosted their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Freedom Capital raised Cipher Mining to a “hold” rating in a research note on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.56.
Read Our Latest Report on CIFR
Cipher Mining Trading Down 10.6%
The firm has a market capitalization of $3.73 billion, a P/E ratio of -3.14 and a beta of 3.20. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. The business has a 50-day moving average price of $15.93 and a 200-day moving average price of $19.20.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The company had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same quarter in the prior year, the company posted ($0.12) earnings per share. Analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current year.
Hedge Funds Weigh In On Cipher Mining
Several hedge funds have recently added to or reduced their stakes in CIFR. CoreCap Advisors LLC increased its position in shares of Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after buying an additional 500 shares in the last quarter. Abel Hall LLC boosted its position in Cipher Mining by 3.8% during the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock worth $259,000 after acquiring an additional 739 shares during the last quarter. Rathbones Group PLC boosted its holdings in Cipher Mining by 7.0% during the first quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock worth $148,000 after purchasing an additional 750 shares during the last quarter. DKM Wealth Management Inc. grew its holdings in shares of Cipher Mining by 5.8% in the 3rd quarter. DKM Wealth Management Inc. now owns 14,152 shares of the company’s stock valued at $224,000 after acquiring an additional 771 shares in the last quarter. Finally, Navellier & Associates Inc. grew its stake in Cipher Mining by 3.7% in the second quarter. Navellier & Associates Inc. now owns 25,230 shares of the company’s stock valued at $618,000 after purchasing an additional 901 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.
Cipher Mining Company Profile
Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.
In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.
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