Cipher Mining (NASDAQ:CIFR) Stock Price Down 9.2% – Should You Sell?

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CIFR. Needham & Company LLC dropped their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research report on Tuesday, December 10th. Macquarie increased their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald dropped their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a report on Wednesday. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.31.

Cipher Mining Price Performance

The business has a fifty day moving average price of $5.39 and a 200 day moving average price of $5.04. The company has a market cap of $1.45 billion, a price-to-earnings ratio of -32.15 and a beta of 2.41. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its position in Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares in the last quarter. NewEdge Advisors LLC bought a new position in shares of Cipher Mining in the 4th quarter valued at $29,000. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter valued at $33,000. W Advisors LLC bought a new stake in Cipher Mining during the 3rd quarter worth $45,000. Finally, KBC Group NV acquired a new position in Cipher Mining in the 4th quarter worth about $46,000. Institutional investors own 12.26% of the company’s stock.

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.