Cipher Mining (NASDAQ:CIFR) Sets New 52-Week Low – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $2.58 and last traded at $2.64, with a volume of 11509404 shares traded. The stock had previously closed at $3.04.

Wall Street Analysts Forecast Growth

CIFR has been the topic of several research reports. 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 research report on Tuesday, February 4th. Northland Securities boosted their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Rosenblatt Securities initiated coverage on Cipher Mining in a research report on Friday, March 7th. They set a “buy” rating and a $6.50 target price on the stock. JPMorgan Chase & Co. lowered Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Finally, HC Wainwright restated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and an average price target of $8.13.

Cipher Mining Stock Down 12.3 %

The stock’s fifty day moving average price is $4.67 and its 200 day moving average price is $5.01. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a market cap of $979.73 million, a P/E ratio of -20.34 and a beta of 2.47.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its position in shares of Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after purchasing an additional 5,432 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in Cipher Mining in the fourth quarter worth approximately $29,000. KBC Group NV bought a new position in Cipher Mining during the fourth quarter valued at approximately $46,000. Apollon Wealth Management LLC purchased a new position in shares of Cipher Mining during the fourth quarter worth approximately $49,000. Finally, Rafferty Asset Management LLC bought a new stake in shares of Cipher Mining in the 4th quarter worth approximately $49,000. Hedge funds and other 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.