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

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Tuesday . The stock had previously closed at $3.12, but opened at $3.02. Cipher Mining shares last traded at $3.01, with a volume of 1,068,685 shares changing hands.

Analysts Set New Price Targets

CIFR has been the topic of several research reports. Northland Securities lifted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. HC Wainwright reiterated a “buy” rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Wednesday, February 26th. Cantor Fitzgerald lowered their price objective on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Finally, Rosenblatt Securities initiated coverage on shares of Cipher Mining in a research report on Friday, March 7th. They set a “buy” rating and a $6.50 price objective on the stock. One research 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, the stock has a consensus rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Price Performance

The stock has a market capitalization of $1.12 billion, a P/E ratio of -23.54 and a beta of 2.47. The stock’s fifty day moving average is $4.82 and its 200-day moving average is $5.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted 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 acquiring an additional 5,432 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Cipher Mining during the 4th quarter worth $29,000. KBC Group NV acquired a new position in Cipher Mining during the 4th quarter worth $46,000. Rafferty Asset Management LLC acquired a new position in Cipher Mining during the 4th quarter worth $49,000. Finally, Apollon Wealth Management LLC acquired a new position in Cipher Mining during the 4th quarter worth $49,000. 12.26% of the stock is currently owned by institutional investors.

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.