Cipher Mining (NASDAQ:CIFR) Trading Down 8.9% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 8.9% during trading on Tuesday . The company traded as low as $5.26 and last traded at $5.33. Approximately 1,965,611 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 6,692,038 shares. The stock had previously closed at $5.85.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CIFR shares. Northland Securities raised their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. BTIG Research boosted 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. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a report on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a report on Friday, November 1st. Nine investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Stock Down 7.9 %

The business’s fifty day simple moving average is $6.10 and its 200 day simple moving average is $4.93. 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 stock has a market cap of $1.87 billion, a price-to-earnings ratio of -41.46 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data 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 net margin of 33.39% and a negative return on equity of 8.29%. 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 posted ($0.07) EPS. Equities analysts forecast that Cipher Mining Inc. will post -0.31 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 Cipher Mining stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock worth $9,000,561 in the last ninety days. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its holdings in shares of Cipher Mining by 9.8% in the third quarter. JPMorgan Chase & Co. now owns 156,385 shares of the company’s stock valued at $605,000 after purchasing an additional 13,996 shares in the last quarter. Tidal Investments LLC boosted its position in Cipher Mining by 73.4% during the 3rd 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 last quarter. Virtu Financial LLC grew its stake in shares of Cipher Mining by 21.2% during the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock worth $478,000 after acquiring an additional 21,566 shares in the last quarter. Barclays PLC raised its holdings in shares of Cipher Mining by 377.2% in the third quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after purchasing an additional 234,366 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

Cipher Mining Company Profile

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.