Cipher Mining (NASDAQ:CIFR) Shares Down 3% on Analyst Downgrade

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded down 3% during trading on Tuesday after Cantor Fitzgerald lowered their price target on the stock from $11.00 to $10.00. Cantor Fitzgerald currently has an overweight rating on the stock. Cipher Mining traded as low as $5.70 and last traded at $5.65. 913,514 shares changed hands during trading, a decline of 92% from the average session volume of 12,056,412 shares. The stock had previously closed at $5.82.

CIFR has been the topic of several other reports. Northland Securities lifted their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. BTIG Research upped their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus price target of $8.14.

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was 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 of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now directly owns 98,747,588 shares in the company, 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. Insiders sold a total of 356,881 shares of company stock valued at $2,388,389 over the last quarter. 2.25% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. Dimensional Fund Advisors LP bought a new position in Cipher Mining during the 2nd quarter worth approximately $2,142,000. AQR Capital Management LLC lifted its holdings in shares of Cipher Mining by 55.3% during the second quarter. AQR Capital Management LLC now owns 69,789 shares of the company’s stock valued at $290,000 after purchasing an additional 24,842 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Cipher Mining by 246.2% in the second quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after acquiring an additional 47,738 shares during the period. Algert Global LLC bought a new position in Cipher Mining in the second quarter valued at about $75,000. Finally, SG Americas Securities LLC purchased a new stake in Cipher Mining in the third quarter worth about $49,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The business has a 50-day simple moving average of $5.67 and a 200 day simple moving average of $4.97. The firm has a market cap of $1.99 billion, a PE ratio of -43.65 and a beta of 2.40.

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.