Cipher Mining (NASDAQ:CIFR) Reaches New 12-Month Low – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) hit a new 52-week low during trading on Tuesday . The stock traded as low as $2.18 and last traded at $2.30, with a volume of 6787813 shares. The stock had previously closed at $2.32.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CIFR. Canaccord Genuity Group restated a “buy” rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. downgraded shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th. Cantor Fitzgerald lowered their price target on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Finally, Rosenblatt Securities initiated coverage on Cipher Mining in a report on Friday, March 7th. They set a “buy” rating and a $6.50 price objective for the company. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Trading Up 7.7 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a market capitalization of $974.22 million, a price-to-earnings ratio of -20.38 and a beta of 2.47. The firm has a fifty day moving average price of $4.32 and a 200-day moving average price of $4.98.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the company. V3 Holding Ltd bought a new stake in shares of Cipher Mining during the 4th quarter worth approximately $452,713,000. Vanguard Group Inc. lifted its stake in Cipher Mining by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company’s stock worth $84,318,000 after purchasing an additional 1,189,756 shares during the last quarter. State Street Corp boosted its holdings in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Cipher Mining by 16.7% during the 4th quarter. Invesco Ltd. now owns 6,443,723 shares of the company’s stock worth $29,899,000 after buying an additional 924,262 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Cipher Mining by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company’s stock worth $26,583,000 after buying an additional 218,137 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.