Cipher Mining (NASDAQ:CIFR) Stock Price Down 10.8%

Shares of Cipher Mining Inc. (NASDAQ:CIFR) dropped 10.8% on Friday . The stock traded as low as $4.30 and last traded at $4.31. Approximately 3,569,729 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 8,879,778 shares. The stock had previously closed at $4.83.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of recent research reports. Canaccord Genuity Group restated a “buy” rating and issued a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Cantor Fitzgerald initiated coverage on shares of Cipher Mining in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a research report on Friday, June 7th. Finally, HC Wainwright upped their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $6.40.

Cipher Mining Stock Performance

The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02. The firm’s 50-day simple moving average is $4.80 and its two-hundred day simple moving average is $4.08. The company has a market cap of $1.34 billion, a PE ratio of 72.68 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The company had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $50.05 million.

Insider Buying and Selling

In other news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of Cipher Mining stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total value of $3,798,082.12. Following the completion of the transaction, the insider now owns 109,911,187 shares in the company, valued at approximately $684,746,695.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 5,302,379 shares of company stock valued at $24,285,016 in the last three months. 2.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of CIFR. Sloy Dahl & Holst LLC acquired a new position in shares of Cipher Mining during the 4th quarter worth about $44,000. Wolverine Asset Management LLC acquired a new position in Cipher Mining in the fourth quarter valued at approximately $49,000. Calamos Advisors LLC purchased a new position in Cipher Mining in the fourth quarter valued at approximately $52,000. Janney Montgomery Scott LLC acquired a new stake in Cipher Mining during the first quarter worth approximately $52,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of Cipher Mining in the 1st quarter valued at $59,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.