Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.3% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR) dropped 5.3% on Monday . The company traded as low as $6.39 and last traded at $6.42. Approximately 1,201,536 shares changed hands during trading, a decline of 87% from the average daily volume of 9,294,470 shares. The stock had previously closed at $6.78.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Northland Securities began coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price objective on the stock. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus price target of $7.72.

Cipher Mining Stock Performance

The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -48.15 and a beta of 2.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a fifty day simple moving average of $4.96 and a two-hundred day simple moving average of $4.53.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the prior year, the business posted ($0.07) EPS. On average, analysts expect that Cipher Mining Inc. will post -0.18 EPS for the current year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’s 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 directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This represents a 0.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,296,839 shares of company stock valued at $25,974,602 in the last 90 days. 2.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC boosted its stake in Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares during the last quarter. Virtu Financial LLC boosted its stake in Cipher Mining by 21.2% during the third quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock worth $478,000 after buying an additional 21,566 shares during the last quarter. Barclays PLC grew its holdings in Cipher Mining by 377.2% in the 3rd quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after buying an additional 234,366 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cipher Mining by 37.8% in the 3rd 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 in the last quarter. Finally, State Street Corp raised its holdings in shares of Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after acquiring an additional 1,019,949 shares during the period. 12.26% of the stock is owned by hedge funds and other 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.