Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.6%

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price dropped 5.6% during mid-day trading on Wednesday . The stock traded as low as $3.68 and last traded at $3.70. Approximately 5,934,870 shares traded hands during trading, a decline of 33% from the average daily volume of 8,845,956 shares. The stock had previously closed at $3.92.

Wall Street Analyst Weigh In

CIFR has been the topic of several research reports. Needham & Company LLC upped their price objective on Cipher Mining from $5.00 to $7.50 and gave the stock a "buy" rating in a report on Wednesday. Stifel Canada raised Cipher Mining to a "strong-buy" rating in a report on Tuesday, August 6th. Cantor Fitzgerald initiated coverage on Cipher Mining in a report on Tuesday, June 11th. They set an "overweight" rating and a $9.00 price objective on the stock. HC Wainwright upped their price objective on Cipher Mining from $5.50 to $6.00 and gave the stock a "buy" rating in a report on Thursday, June 6th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $6.90.

Cipher Mining Price Performance

The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 60.83 and a beta of 2.29. The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02. The company has a 50 day moving average of $4.82 and a 200 day moving average of $4.17.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. During the same quarter last year, the business posted ($0.05) EPS.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the completion of the transaction, the insider now owns 109,911,187 shares in the company, valued at approximately $684,746,695.01. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 5,302,379 shares of company stock worth $24,285,016. Corporate insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Amalgamated Bank grew its holdings in shares of 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 in the last quarter. Sloy Dahl & Holst LLC bought a new position in shares of Cipher Mining in the 4th quarter valued at about $44,000. Xponance Inc. bought a new position in shares of Cipher Mining in the 2nd quarter valued at about $45,000. Wolverine Asset Management LLC bought a new position in shares of Cipher Mining in the 4th quarter valued at about $49,000. Finally, Calamos Advisors LLC bought a new position in shares of Cipher Mining in the 4th quarter valued at about $52,000. 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.