Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.9% - Here's What Happened

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price dropped 5.9% on Friday . The company traded as low as $4.92 and last traded at $4.95. Approximately 2,647,175 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 9,407,459 shares. The stock had previously closed at $5.26.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CIFR. Northland Capmk raised shares of Cipher Mining to a "strong-buy" rating in a report on Wednesday, September 25th. BTIG Research raised their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Canaccord Genuity Group reiterated a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Needham & Company LLC reissued a "buy" rating and set a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Thursday, October 3rd. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $8.03.

Cipher Mining Stock Down 7.6 %

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $6.15 and a 200-day simple moving average of $4.92. The firm has a market cap of $1.69 billion, a P/E ratio of -37.38 and a beta of 2.29.

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

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business's stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares of the company's stock, valued at approximately $616,075,997.36. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 664,270 shares of the company's stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock worth $9,000,561 in the last three months. Company insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the stock. State Street Corp lifted its position in shares of Cipher Mining by 17.3% in the third quarter. State Street Corp now owns 6,919,189 shares of the company's stock worth $26,777,000 after buying an additional 1,019,949 shares in the last quarter. Geode Capital Management LLC increased its stake in Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company's stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company's stock worth $22,123,000 after acquiring an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company's stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company's stock valued at $14,485,000 after purchasing an additional 1,584,874 shares in the last quarter. Hedge funds and other institutional investors 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.