Cipher Mining (NASDAQ:CIFR) Shares Down 1.8% - Analyzing the Decline

Cipher Mining Inc. (NASDAQ:CIFR) experienced a decline of 1.8% on Friday, trading at a low of $2.96 and closing at $2.98. During this trading session, a total of 2,399,592 shares changed hands, which represents a significant drop of 82% compared to the average trading volume of 13,687,311 shares. The previous closing price for the stock was $3.03.

Recent Analyst Ratings

Several research analysts have analyzed Cipher Mining shares lately. HC Wainwright reaffirmed a "buy" rating and provided a price target of $8.00 in a research note dated February 26th. Meanwhile, Northland Securities raised their price target on Cipher Mining from $6.00 to $8.50 and gave it an "outperform" rating in a report from December 4th. However, JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a note released on Thursday. Furthermore, Keefe, Bruyette & Woods began coverage and gave the company an "outperform" rating on January 8th. Lastly, Rosenblatt Securities initiated coverage on Cipher Mining with a "buy" rating and a price target of $6.50 in a report on March 7th. Currently, one analyst has given the stock a hold rating, ten analysts have assigned it a buy rating, and two have given it a strong buy rating. MarketBeat reports that the consensus rating for Cipher Mining is "Buy" with an average price target of $8.13.

Cipher Mining's Market Performance

The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -22.96, and a beta of 2.47. The stock has a 50-day and a 200-day simple moving average of $5.01. Additionally, Cipher Mining has a quick ratio and current ratio of 2.57, indicating robust liquidity, and a debt-to-equity ratio of 0.01, suggesting a low level of debt.

Institutional Investors' Activity

Recently, several institutional investors and hedge funds have adjusted their positions in Cipher Mining. Voya Investment Management LLC increased its stake by 3.6% in the fourth quarter, now owning 59,135 shares valued at approximately $274,000 after acquiring an additional 2,036 shares. Victory Capital Management Inc. raised its position by 8.8% during the third quarter, owning 25,996 shares worth $101,000 following the purchase of 2,101 new shares. Xponance Inc. grew its holdings by 17.8% during the fourth quarter, now holding 14,151 shares valued at $66,000 after purchasing 2,140 shares. Russell Investments Group Ltd. also upped its stake by 17.4% in the fourth quarter, owning 14,524 shares valued at $67,000. Lastly, Mackenzie Financial Corp increased its share count by 26.6% during the same quarter and now holds 13,095 shares worth $61,000. Overall, institutional investors and hedge funds own about 12.26% of Cipher Mining's stock.

About Cipher Mining

Cipher Mining Inc., along with its subsidiaries, is focused on developing and operating large-scale bitcoin mining data centers located in the United States. Founded in 2020, the company is based in New York, New York, and operates as a subsidiary of Bitfury Holding B.V.

Final Thoughts

The decline in Cipher Mining shares may prompt investors to consider their positions. While the company retains a generally favorable outlook among analysts, with multiple buy ratings, investors are encouraged to evaluate their investment strategies in light of current market trends.

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