Cipher Mining (NASDAQ:CIFR) Trading Down 5.5% – Here’s Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded down 5.5% during trading on Monday . The stock traded as low as $6.70 and last traded at $6.72. 3,277,749 shares were traded during mid-day trading, a decline of 65% from the average session volume of 9,333,390 shares. The stock had previously closed at $7.11.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. BTIG Research raised their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Eight equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and an average target price of $8.03.

Cipher Mining Stock Performance

The business’s 50 day simple moving average is $5.59 and its two-hundred day simple moving average is $4.71. 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 firm has a market capitalization of $2.27 billion, a PE ratio of -49.61 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Research analysts expect that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. This trade represents a 19.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,593,503 shares of company stock worth $9,568,005. 2.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently added to or reduced their stakes in the company. Amalgamated Bank increased its position in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new position in Cipher Mining during the 3rd quarter valued at $33,000. Xponance Inc. acquired a new position in Cipher Mining in the second quarter worth about $45,000. W Advisors LLC acquired a new position in Cipher Mining during the 3rd quarter worth $45,000. Finally, Prospect Financial Services LLC acquired a new stake in Cipher Mining during the 3rd quarter worth $47,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.