Shares of Cipher Mining Inc. (NASDAQ:CIFR) are moving Tuesday. Here’s why the data center company’s stock is trending.
- Cipher Mining stock is under selling pressure. What’s driving CIFR stock lower?
What To Know: Cipher, which manages industrial-scale data centers for Bitcoin mining and HPC hosting, announced the acquisition of a 200-megawatt site in Ohio called Ulysses. The site is Cipher Mining’s first acquisition outside of Texas.
The Ulysses purchase includes 195 acres of land that’s on track to be energized by the end of 2027. When energized, the site will give Cipher direct access to PJM, the nation’s largest wholesale electricity market. The company said Ulysses is well-suited for AI infrastructure given its acreage, energization timeline, availability of diverse fiber paths and proximity to a major metropolitan area.
“Leveraging our proven sourcing capabilities, Cipher is continuing to seize the opportunity to shape the future of high-performance computing infrastructure,” said Tyler Page, CEO of Cipher. “This new site, in a new power market, gives us additional capacity to continue expanding our HPC hosting business while broadening our geographical footprint.”
With the addition of this site, Cipher’s development pipeline now totals 3.4 GW across eight sites.
CIFR Analysis: Cipher shares are moving lower during regular trading despite a generally positive market backdrop. The move comes as the broader market is mixed, with the S&P 500 up 0.4% and the Russell 2000 down 0.42%.
The stock is currently trading 7.9% below its 20-day simple moving average (SMA) and 10.7% below its 50-day SMA, suggesting it is struggling in the short term. However, it remains 17.5% above its 100-day SMA, indicating some longer-term strength, with shares having increased 212.76% over the past 12 months.
The RSI is at 46.33, which is considered neutral territory, suggesting that the stock is not overbought or oversold at this moment. Meanwhile, MACD is below its signal line, indicating bearish momentum, which could be contributing to the current price action.
Key support is at $13.50, while there is no clear resistance level identified. The current technical setup suggests that while CIFR has shown impressive long-term gains, it is facing challenges in the short term that traders should monitor closely. The stock’s ability to hold above support will be crucial in determining its next direction.
CIFR Price Action: Cipher Mining shares were down 0.24%, trading at $16.30 at the time of publication, according to Benzinga Pro.
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