Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.5%

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price fell 5.5% during mid-day trading on Monday . The stock traded as low as $2.86 and last traded at $2.92. 1,051,960 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 8,772,435 shares. The stock had previously closed at $3.09.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research report on Tuesday, September 3rd. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Thursday, August 29th. Needham & Company LLC lifted their target price on Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Compass Point raised their price objective on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $7.70.

Cipher Mining Stock Performance

The company has a fifty day moving average of $4.35 and a two-hundred day moving average of $4.21. The stock has a market capitalization of $920.79 million, a P/E ratio of 48.33 and a beta of 2.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same period in the previous year, the business earned ($0.05) EPS. On average, equities analysts anticipate that Cipher Mining Inc. will post -0.05 EPS for the current year.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 443,830 shares of Cipher Mining stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $4.33, for a total value of $1,921,783.90. Following the sale, the insider now directly owns 112,410,700 shares in the company, valued at approximately $486,738,331. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold 8,108,357 shares of company stock worth $28,338,868 in the last 90 days. 2.25% of the stock is currently owned by company insiders.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank lifted its stake in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Cipher Mining during the first quarter valued at $52,000. Xponance Inc. acquired a new position in Cipher Mining during the second quarter valued at $45,000. Price T Rowe Associates Inc. MD purchased a new stake in Cipher Mining in the 1st quarter worth about $59,000. Finally, SG Americas Securities LLC acquired a new stake in Cipher Mining during the 1st quarter worth about $74,000. 12.26% of the stock is currently owned by institutional investors.

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.