Cipher Mining (NASDAQ:CIFR) Stock Price Down 8.9% - Here's What Happened

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares dropped 8.9% on Tuesday . The company traded as low as $5.26 and last traded at $5.33. Approximately 1,965,611 shares changed hands during trading, a decline of 71% from the average daily volume of 6,692,038 shares. The stock had previously closed at $5.85.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CIFR shares. HC Wainwright reissued a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities boosted their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Canaccord Genuity Group reissued a "buy" rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $11.00 target price on shares of Cipher Mining in a report on Tuesday. Finally, JPMorgan Chase & Co. raised shares of Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price target on the stock in a report on Tuesday, December 10th. Nine research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $8.25.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $1.87 billion, a P/E ratio of -41.46 and a beta of 2.38. The company has a 50-day simple moving average of $6.10 and a two-hundred day simple moving average of $4.93.

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). The company had revenue of $24.10 million for the quarter, compared to analysts' expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the previous year, the firm posted ($0.07) EPS. As a group, equities analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the firm's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares of the company's stock, valued at approximately $3,135,173.47. This trade represents a 11.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was 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 owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,446,623 shares of company stock valued at $9,000,561 in the last 90 days. 2.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the company. State Street Corp lifted its stake in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company's stock worth $26,777,000 after purchasing an additional 1,019,949 shares in the last quarter. Geode Capital Management LLC boosted its stake in Cipher Mining by 37.8% during 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. Paloma Partners Management Co purchased a new position in Cipher Mining during the 3rd quarter valued at approximately $4,029,000. Dark Forest Capital Management LP purchased a new position in Cipher Mining during the 2nd quarter valued at approximately $1,332,000. Finally, Bank of New York Mellon Corp increased its stake in Cipher Mining by 243.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company's stock worth $2,279,000 after acquiring an additional 389,079 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Company Profile

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.