Cipher Mining (NASDAQ:CIFR) Trading Down 5.9% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 5.9% during trading on Friday . The stock traded as low as $4.92 and last traded at $4.95. 2,647,175 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 9,407,459 shares. The stock had previously closed at $5.26.

Analyst Ratings Changes

A number of research firms have recently weighed in on CIFR. BTIG Research upped their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. Macquarie lifted their price objective on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research note on Tuesday, December 10th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Nine equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Price Performance

The stock’s 50-day moving average is $6.15 and its 200 day moving average is $4.91. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The stock has a market capitalization of $1.71 billion, a PE ratio of -37.77 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same period in the previous year, the business posted ($0.07) EPS. As a group, equities analysts expect that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in Cipher Mining by 243.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after buying an additional 389,079 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cipher Mining by 93.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,482 shares of the company’s stock valued at $89,000 after purchasing an additional 10,380 shares during the period. Principal Financial Group Inc. purchased a new stake in Cipher Mining in the 2nd quarter valued at approximately $88,000. Van ECK Associates Corp raised its stake in shares of Cipher Mining by 0.8% during the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock worth $11,437,000 after buying an additional 22,086 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Cipher Mining by 253.7% during the 2nd quarter. Rhumbline Advisers now owns 226,905 shares of the company’s stock worth $942,000 after buying an additional 162,749 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other 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.