Cipher Mining (NASDAQ:CIFR) Shares Down 5.2% – Time to Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) fell 5.2% during trading on Thursday . The stock traded as low as $3.75 and last traded at $3.94. 1,758,762 shares changed hands during trading, a decline of 87% from the average session volume of 13,866,032 shares. The stock had previously closed at $4.16.

Wall Street Analyst Weigh In

Several brokerages have commented on CIFR. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a report on Tuesday, December 10th. Canaccord Genuity Group reiterated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. BTIG Research increased their price target on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Needham & Company LLC reduced their price objective on Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Finally, Cantor Fitzgerald reduced their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. Eleven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $8.13.

Cipher Mining Stock Performance

The company has a market capitalization of $1.43 billion, a P/E ratio of -29.92 and a beta of 2.47. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $5.14 and a 200-day simple moving average of $5.03.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its stake in shares of Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after buying an additional 5,432 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Cipher Mining in the fourth quarter valued at $29,000. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining in the third quarter valued at $33,000. KBC Group NV acquired a new stake in shares of Cipher Mining in the fourth quarter valued at $46,000. Finally, Apollon Wealth Management LLC acquired a new stake in shares of Cipher Mining in the fourth quarter valued at $49,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.