Cipher Mining (NASDAQ:CIFR) Trading Down 8.9% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price fell 8.9% during trading on Tuesday . The stock traded as low as $5.26 and last traded at $5.33. Approximately 1,965,611 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 6,692,038 shares. The stock had previously closed at $5.85.

Wall Street Analyst Weigh In

Several analysts have issued reports on CIFR shares. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Northland Securities raised their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Macquarie raised their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price target on shares of Cipher Mining in a report on Tuesday. Nine analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Stock Performance

The firm’s 50 day moving average price is $6.10 and its 200-day moving average price is $4.93. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of -41.46 and a beta of 2.38. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results 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 company had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. On average, analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. The trade was a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,446,623 shares of company stock valued at $9,000,561 in the last quarter. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently modified their holdings of CIFR. Amalgamated Bank grew its position in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter worth about $33,000. Xponance Inc. bought a new position in Cipher Mining during the 2nd quarter valued at about $45,000. W Advisors LLC bought a new stake in Cipher Mining during the third quarter worth about $45,000. Finally, Prospect Financial Services LLC acquired a new stake in shares of Cipher Mining during the third quarter worth approximately $47,000. 12.26% of the stock is 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.