Cipher Mining (NASDAQ:CIFR) Trading Down 3% on Analyst Downgrade

Shares of Cipher Mining Inc. (NASDAQ:CIFR) dropped 3% during mid-day trading on Tuesday after Cantor Fitzgerald lowered their price target on the stock from $11.00 to $10.00. Cantor Fitzgerald currently has an overweight rating on the stock. Cipher Mining traded as low as $5.70 and last traded at $5.65. Approximately 913,514 shares traded hands during trading, a decline of 92% from the average daily volume of 12,056,412 shares. The stock had previously closed at $5.82.

A number of other equities research analysts also recently commented on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Macquarie raised their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. BTIG Research lifted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a research note on Friday. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $8.14.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 356,881 shares of company stock worth $2,388,389 over the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently modified their holdings of CIFR. Tidal Investments LLC increased its position in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after acquiring an additional 1,584,874 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares in the last quarter. Paloma Partners Management Co acquired a new stake in Cipher Mining during the 3rd quarter worth approximately $4,029,000. Finally, State Street Corp boosted its position in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after buying an additional 1,019,949 shares during the period. 12.26% of the stock is owned by institutional investors.

Cipher Mining Trading Down 1.8 %

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’s 50-day moving average is $5.67 and its 200 day moving average is $4.97. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -43.65 and a beta of 2.40.

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.