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

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price traded down 3% during mid-day 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 traded hands during mid-day trading, a decline of 92% from the average session volume of 12,056,412 shares. The stock had previously closed at $5.82.

Several other research firms have also recently issued reports on CIFR. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an "outperform" rating for the company. Needham & Company LLC reissued a "buy" rating and set a $7.50 price target on shares of Cipher Mining in a research report on Friday, January 31st. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. 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 report on Tuesday, December 10th. Finally, Macquarie lifted 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. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $8.14.

Insider Transactions at Cipher Mining

In other Cipher Mining news, 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 of the company's stock, valued at $651,734,080.80. This represents a 0.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 356,281 shares of company stock valued at $2,384,189 over the last quarter. Company insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its holdings in shares of Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after buying an additional 5,432 shares during the period. Farther Finance Advisors LLC acquired a new position in Cipher Mining in the third quarter valued at approximately $33,000. W Advisors LLC bought a new position in shares of Cipher Mining during the third quarter valued at approximately $45,000. KBC Group NV acquired a new stake in shares of Cipher Mining during the 4th quarter worth approximately $46,000. Finally, Prospect Financial Services LLC bought a new stake in shares of Cipher Mining in the 3rd quarter worth approximately $47,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Down 1.4 %

The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -43.96 and a beta of 2.40. The stock has a 50-day moving average of $5.66 and a 200-day moving average of $4.97. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

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.