Cipher Mining (NASDAQ:CIFR) Trading Down 18.1% - Here's What Happened

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price fell 18.1% during mid-day trading on Monday . The stock traded as low as $5.00 and last traded at $4.83. 3,242,219 shares were traded during trading, a decline of 61% from the average session volume of 8,311,548 shares. The stock had previously closed at $5.90.

Analysts Set New Price Targets

A number of equities research analysts have commented on CIFR shares. Canaccord Genuity Group reissued a "buy" rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. 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. Northland Securities upped their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Cantor Fitzgerald reiterated an "overweight" rating and set a $11.00 price objective on shares of Cipher Mining in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. raised Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Ten 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.com, the company has an average rating of "Buy" and a consensus price target of $8.25.

Cipher Mining Price Performance

The firm has a 50-day simple moving average of $5.67 and a two-hundred day simple moving average of $4.99. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -44.07 and a beta of 2.38. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) 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 for the quarter, compared to analyst estimates of $25.84 million. During the same period last year, the business earned ($0.07) earnings per share. As a group, analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity 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 on 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 transaction, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the 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 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 disclosure for this sale can be found here. Insiders sold a total of 356,881 shares of company stock worth $2,388,389 in the last three months. Company insiders own 2.25% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Millennium Management LLC increased its position in shares of Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company's stock worth $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company's stock worth $14,485,000 after buying an additional 1,584,874 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company's stock valued at $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company's stock worth $15,094,000 after buying an additional 1,144,390 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new position in Cipher Mining during the third quarter worth about $4,029,000. Institutional investors and hedge funds own 12.26% of the company's stock.

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.