Cipher Mining (NASDAQ:CIFR) Trading Down 7.5% - Here's Why

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price was down 7.5% during mid-day trading on Thursday . The company traded as low as $6.43 and last traded at $6.45. Approximately 3,300,072 shares were traded during trading, a decline of 64% from the average daily volume of 9,198,832 shares. The stock had previously closed at $6.97.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several research reports. Needham & Company LLC reiterated a "buy" rating and set a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk raised shares of Cipher Mining to a "strong-buy" rating in a report on Wednesday, September 25th. Compass Point boosted their price objective on Cipher Mining from $7.50 to $9.00 and gave the stock a "buy" rating in a research note on Thursday, August 15th. 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 research note on Thursday. Finally, Northland Securities initiated coverage on Cipher Mining in a research report on Wednesday, September 25th. They issued an "outperform" rating and a $6.00 price objective on the stock. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $7.54.

Cipher Mining Trading Down 0.1 %

The stock's 50 day moving average price is $4.08 and its 200-day moving average price is $4.31. The stock has a market capitalization of $2.42 billion, a P/E ratio of -52.92 and a beta of 2.18. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released 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 firm had revenue of $24.10 million during the quarter, compared to analysts' expectations of $25.84 million. During the same period in the prior year, the firm posted ($0.07) earnings per share. As a group, equities research analysts expect that Cipher Mining Inc. will post -0.06 earnings per share for the current year.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business's stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the sale, the insider now owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the sale, the insider now directly owns 103,946,004 shares in the company, valued at $284,812,050.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Iwaschuk sold 150,000 shares of the company's stock in a transaction that occurred 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 transaction, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,943,078 shares of company stock valued at $23,609,769 in the last ninety days. Corporate insiders own 2.25% of the company's stock.

Institutional Trading of Cipher Mining

Several large investors have recently made changes to their positions in CIFR. Amalgamated Bank grew its position in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company's stock worth $25,000 after purchasing an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new stake in Cipher Mining during the third quarter worth about $33,000. Janney Montgomery Scott LLC acquired a new stake in Cipher Mining during the first quarter worth about $52,000. Xponance Inc. purchased a new position in Cipher Mining during the second quarter valued at approximately $45,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in Cipher Mining in the first quarter valued at approximately $59,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.

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