Cipher Mining (NASDAQ:CIFR) Stock Price Down 18.1% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR) shares fell 18.1% on Monday . The stock traded as low as $5.00 and last traded at $4.83. 3,242,219 shares changed hands during trading, a decline of 61% from the average session volume of 8,311,548 shares. The stock had previously closed at $5.90.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CIFR. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price objective on shares of Cipher Mining in a report on Tuesday, January 7th. Macquarie raised 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. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research lifted their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Northland Securities upped their price objective 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. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $8.25.

Cipher Mining Stock Down 0.4 %

The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $5.76 and a two-hundred day simple moving average of $5.01.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the previous year, the business earned ($0.07) earnings per share. Sell-side analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’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 approximately $651,734,080.80. This represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 356,881 shares of company stock worth $2,388,389 over the last ninety days. 2.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CIFR. Amalgamated Bank increased its position in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after buying an additional 5,432 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in Cipher Mining in the third quarter worth approximately $33,000. KBC Group NV bought a new position in Cipher Mining during the fourth quarter valued at approximately $46,000. Finally, Apollon Wealth Management LLC purchased a new position in shares of Cipher Mining during the fourth quarter worth approximately $49,000. 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.