Cipher Mining (NASDAQ:CIFR) Stock Price Down 3.9% - Here's Why

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares dropped 3.9% during mid-day trading on Tuesday . The company traded as low as $5.15 and last traded at $5.17. Approximately 1,067,431 shares changed hands during trading, a decline of 88% from the average daily volume of 9,022,379 shares. The stock had previously closed at $5.38.

Analysts Set New Price Targets

A number of analysts recently weighed in on CIFR shares. Northland Securities initiated coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an "outperform" rating and a $6.00 price objective for the company. Needham & Company LLC increased their price objective on Cipher Mining from $5.00 to $7.50 and gave the company a "buy" rating in a report on Wednesday, August 14th. Northland Capmk upgraded Cipher Mining to a "strong-buy" rating in a research note on Wednesday, September 25th. Cantor Fitzgerald reissued an "overweight" rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Stifel Canada raised shares of Cipher Mining to a "strong-buy" rating in a research report on Tuesday, August 6th. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $7.21.

Cipher Mining Stock Up 2.2 %

The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 91.67 and a beta of 2.25. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The business's 50 day moving average price is $3.70 and its 200 day moving average price is $4.18.

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, meeting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The company had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. During the same period last year, the company earned ($0.05) earnings per share. On average, equities analysts forecast that Cipher Mining Inc. will post -0.04 EPS for the current year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the transaction, the insider now owns 107,748,228 shares in the company, valued at $325,399,648.56. This 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 the SEC website. In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total value of $5,741,358.24. Following the transaction, the insider now owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,943,078 shares of company stock worth $17,389,769 over the last 90 days. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company's stock valued at $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. Van ECK Associates Corp raised its holdings in Cipher Mining by 38.9% in the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company's stock valued at $14,079,000 after buying an additional 765,238 shares during the period. Dark Forest Capital Management LP acquired a new position in Cipher Mining in the second quarter valued at about $1,332,000. Swiss National Bank lifted its position in Cipher Mining by 27.0% in the first quarter. Swiss National Bank now owns 125,600 shares of the company's stock valued at $647,000 after buying an additional 26,700 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company's stock worth $2,279,000 after buying an additional 389,079 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.