Cipher Mining (NASDAQ:CIFR) Stock Price Down 7.4% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price dropped 7.4% during trading on Thursday . The company traded as low as $4.82 and last traded at $4.89. Approximately 1,300,580 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 9,056,740 shares. The stock had previously closed at $5.28.

Analyst Ratings Changes

A number of analysts have recently weighed in 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 note on Thursday, August 29th. Needham & Company LLC upped their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Northland Securities began coverage on Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective on the stock. Macquarie started coverage on Cipher Mining in a research note on Tuesday, September 24th. They set an “outperform” rating and a $6.00 target price for the company. Finally, Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has an average rating of “Buy” and an average target price of $7.21.

Cipher Mining Stock Performance

The firm has a market cap of $1.65 billion, a P/E ratio of 81.50 and a beta of 2.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The stock’s 50 day moving average is $3.92 and its two-hundred day moving average is $4.25.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting 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 analysts’ expectations of $39.17 million. During the same period in the prior year, the firm posted ($0.05) EPS. As a group, equities analysts predict that Cipher Mining Inc. will post -0.05 EPS for the current year.

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,943,078 shares of company stock valued at $23,609,769. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its position in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares during the period. Vanguard Group Inc. raised its stake in shares of Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares during the period. Vident Advisory LLC lifted its holdings in Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after buying an additional 1,090,811 shares during the period. Finally, Dimensional Fund Advisors LP bought a new position in Cipher Mining in the second quarter valued at approximately $2,142,000. 12.26% of the stock is currently 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.