Cipher Mining (NASDAQ:CIFR) Trading Down 3.9% – Here’s Why

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

Analyst Upgrades and Downgrades

CIFR has been the subject of several analyst reports. Macquarie started coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price target for the company. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and an average price target of $7.21.

Cipher Mining Price Performance

The stock has a market cap of $1.70 billion, a P/E ratio of 89.67 and a beta of 2.25. The firm has a 50 day moving average price of $3.70 and a 200 day moving average price of $4.18. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The firm had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. On average, analysts forecast that Cipher Mining Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s 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 completion of the sale, the insider now owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. 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 through this hyperlink. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the firm’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 value of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s 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 sale, the insider now directly owns 107,748,228 shares of the company’s stock, valued at approximately $325,399,648.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,943,078 shares of company stock valued at $17,389,769. 2.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank boosted its stake in Cipher Mining by 321.8% in the second 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. Janney Montgomery Scott LLC purchased a new position in shares of Cipher Mining in the first quarter valued at $52,000. Xponance Inc. acquired a new position in Cipher Mining during the second quarter worth about $45,000. Price T Rowe Associates Inc. MD purchased a new stake in Cipher Mining in the 1st quarter valued at approximately $59,000. Finally, Prospect Financial Services LLC purchased a new stake in Cipher Mining during the 3rd quarter worth $47,000. 12.26% of the stock is 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.