Cipher Mining (NASDAQ:CIFR) Shares Down 3.9% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) dropped 3.9% during trading on Tuesday . The company traded as low as $5.15 and last traded at $5.17. Approximately 1,067,431 shares changed hands during trading, a decline of 88% from the average daily volume of 9,022,379 shares. The stock had previously closed at $5.38.

Analysts Set New Price Targets

A number of analysts recently weighed in on CIFR shares. Macquarie initiated coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 target price for the company. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Northland Securities assumed coverage on Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price target for the company. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $7.21.

Cipher Mining Stock Performance

The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $3.70 and its 200 day moving average price is $4.18. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 89.67 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The firm had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. During the same quarter last year, the business earned ($0.05) EPS. Analysts expect that Cipher Mining Inc. will post -0.04 earnings per share for the current year.

Insider Activity

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 stock was sold at an average price of $4.37, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,943,078 shares of company stock valued at $17,389,769. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of CIFR. Private Advisor Group LLC boosted its position in Cipher Mining by 43.5% during the 3rd quarter. Private Advisor Group LLC now owns 105,540 shares of the company’s stock valued at $408,000 after buying an additional 32,000 shares during the period. Prospect Financial Services LLC bought a new position in Cipher Mining in the 3rd quarter worth about $47,000. Creative Planning boosted its stake in Cipher Mining by 106.0% during the 3rd quarter. Creative Planning now owns 51,492 shares of the company’s stock valued at $188,000 after purchasing an additional 26,498 shares during the last quarter. VitalStone Financial LLC lifted its stake in Cipher Mining by 382.0% during the 3rd quarter. VitalStone Financial LLC now owns 196,584 shares of the company’s stock valued at $761,000 after acquiring an additional 155,795 shares during the period. Finally, Tobam bought a new stake in Cipher Mining in the 3rd quarter worth approximately $57,000. 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.