Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.64

Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Thursday . The stock had previously closed at $4.64, but opened at $4.32. Cipher Mining shares last traded at $4.30, with a volume of 1,706,163 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on CIFR. Cantor Fitzgerald reiterated an “overweight” rating and set a $5.00 target price on shares of Cipher Mining in a research note on Thursday, March 28th. HC Wainwright reiterated a “buy” rating and set a $4.50 target price on shares of Cipher Mining in a research note on Tuesday, March 5th. Canaccord Genuity Group reiterated a “buy” rating and set a $5.50 target price on shares of Cipher Mining in a research note on Thursday, March 28th. Finally, Needham & Company LLC restated a “buy” rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Monday, April 22nd. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.25.

Cipher Mining Trading Up 1.6 %

The company has a 50-day moving average price of $3.94 and a two-hundred day moving average price of $3.43. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. The firm had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. As a group, sell-side analysts predict that Cipher Mining Inc. will post -0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Hennion & Walsh Asset Management Inc. boosted its stake in Cipher Mining by 79.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 132,304 shares of the company’s stock worth $681,000 after buying an additional 58,659 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Cipher Mining in the first quarter worth approximately $542,000. Nomura Holdings Inc. purchased a new stake in Cipher Mining in the fourth quarter worth approximately $213,000. Quadrature Capital Ltd purchased a new stake in Cipher Mining in the fourth quarter worth approximately $513,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Cipher Mining by 50.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after buying an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.