Cipher Mining (NASDAQ:CIFR) Trading Down 4.3% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 4.3% during trading on Wednesday . The stock traded as low as $6.90 and last traded at $6.92. 1,364,954 shares changed hands during trading, a decline of 85% from the average session volume of 9,386,623 shares. The stock had previously closed at $7.23.

Analyst Ratings Changes

A number of analysts have commented on the company. Macquarie boosted their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Needham & Company LLC restated a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities upped their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Nine analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $8.03.

Cipher Mining Stock Down 8.7 %

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 stock has a market cap of $2.00 billion, a price-to-earnings ratio of -44.15 and a beta of 2.29. The firm’s 50-day moving average is $6.06 and its 200 day moving average is $4.86.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,596,623 shares of company stock valued at $9,591,561. 2.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. Victory Capital Management Inc. increased its position in shares of Cipher Mining by 8.8% during the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after acquiring an additional 2,101 shares during the last quarter. Vima LLC increased its holdings in Cipher Mining by 11.3% during the 3rd quarter. Vima LLC now owns 24,656 shares of the company’s stock worth $95,000 after purchasing an additional 2,504 shares during the last quarter. Verition Fund Management LLC boosted its stake in shares of Cipher Mining by 30.7% during the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock valued at $51,000 after buying an additional 3,086 shares during the last quarter. Amalgamated Bank grew its position in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares in the last quarter. Finally, Strategic Blueprint LLC raised its holdings in Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after acquiring an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.