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

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

Wall Street Analyst Weigh In

Several research analysts have commented on CIFR shares. Rosenblatt Securities initiated coverage on Cipher Mining in a research report on Friday, March 7th. They issued a “buy” rating and a $6.50 price target on the stock. Needham & Company LLC cut their target price on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Cantor Fitzgerald decreased 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. Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research report on Wednesday, February 26th. One research 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $8.13.

Cipher Mining Stock Down 0.9 %

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 business has a fifty day simple moving average of $4.44 and a two-hundred day simple moving average of $5.00. The company has a market capitalization of $845.55 million, a price-to-earnings ratio of -17.69 and a beta of 2.47.

Institutional Trading of Cipher Mining

Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its stake in shares of Cipher Mining by 12.8% in the 4th quarter. California State Teachers Retirement System now owns 213,322 shares of the company’s stock valued at $990,000 after purchasing an additional 24,209 shares in the last quarter. Mackenzie Financial Corp boosted its position in Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after buying an additional 2,754 shares in the last quarter. GTS Securities LLC bought a new stake in Cipher Mining during the fourth quarter worth about $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Cipher Mining by 71.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock worth $1,720,000 after buying an additional 153,921 shares in the last quarter. Finally, Voloridge Investment Management LLC bought a new position in shares of Cipher Mining in the fourth quarter valued at approximately $5,378,000. 12.26% of the stock is currently 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.