Cipher Mining (NASDAQ:CIFR) Stock Price Down 4.3% - Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price was down 4.3% during mid-day trading on Wednesday . The stock traded as low as $6.90 and last traded at $6.92. Approximately 1,364,954 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 9,386,623 shares. The stock had previously closed at $7.23.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CIFR shares. BTIG Research boosted their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Thursday, October 3rd. Needham & Company LLC reissued a "buy" rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Nine investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $8.03.

Cipher Mining Trading Down 13.0 %

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 firm has a market cap of $2.19 billion, a PE ratio of -48.38 and a beta of 2.29. The company's 50 day moving average price is $5.97 and its 200 day moving average price is $4.85.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to analysts' expectations of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the prior year, the company posted ($0.07) EPS. As a group, analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares of the company's stock, valued at approximately $2,439,443.12. The trade was a 19.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $380,632.76. Following the completion of the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,593,503 shares of company stock valued at $9,568,005 in the last quarter. Corporate insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Victory Capital Management Inc. boosted its stake in Cipher Mining by 8.8% during the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company's stock worth $101,000 after purchasing an additional 2,101 shares during the period. Vima LLC lifted its position in shares of Cipher Mining by 11.3% during the 3rd quarter. Vima LLC now owns 24,656 shares of the company's stock valued at $95,000 after acquiring an additional 2,504 shares during the period. Verition Fund Management LLC boosted its position in Cipher Mining by 30.7% during the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company's stock worth $51,000 after purchasing an additional 3,086 shares in the last quarter. Amalgamated Bank grew its stake in Cipher Mining by 321.8% in the 2nd 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 last quarter. Finally, Strategic Blueprint LLC grew its position in shares of Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company's stock valued at $77,000 after purchasing an additional 5,000 shares during the last quarter. 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.