Cipher Mining Inc (NASDAQ:CIFR) price on Thursday, June 12, fall -5.88% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $3.84.
A look at the stock’s price movement, the close in the last trading session was $4.08. Turning to its 52-week performance, $7.99 and $1.86 were the 52-week high and 52-week low respectively. Overall, CIFR moved 11.95% over the past month.
Cipher Mining Inc’s market cap currently stands at around $1.29 billion, with investors looking forward to this quarter’s earnings report slated for in July.
Analysts have a consensus estimate of 51.93M for the company’s revenue for the quarter, with a low and high estimate of 42.4M and 66.51M respectively. The average forecast suggests up to a 41.08% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 276.89M, representing a 83.04% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that CIFR is a Hold. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.
8 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 3 analyst(s) rate the stock as a Hold, 4 recommend CIFR as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 1 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
CIFR’s current price about 6.03% and 24.11% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 56.92, while 7-day volatility ratio is 5.03% and 6.77% in the 30-day chart. Further, Cipher Mining Inc (CIFR) has a beta value of 2.61, and an average true range (ATR) of 0.30. Analysts have given the company’s stock an average 52-week price target of $7.5, forecast between a low of $6 and high of $9. Looking at the price targets, the low is -56.25% off current price level while to achieve the yearly target high, price needs to move -134.38%. Nonetheless, investors will most likely welcome a -95.31% jump to $7.5 which is the analysts’ median price.
If we refocus on Cipher Mining Inc (NASDAQ:CIFR), historical trading data shows that trading volumes averaged 16.48 million over the past 3 months. The company’s latest data on shares outstanding shows there are 370.86 million shares.
The 32.94% of Cipher Mining Inc’s shares are in the hands of company insiders while institutional holders own 41.43% of the company’s shares. Current price change has pushed the stock -17.24% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the CIFR stock continues to rise going into the next quarter.
