Cipher Mining (NASDAQ:CIFR) Trading Down 4.3% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CIFR. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research note on Tuesday, December 10th. Finally, Northland Securities lifted their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Nine research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and a consensus price target of $8.03.

Cipher Mining Stock Down 8.7 %

The company has a market cap of $2.00 billion, a price-to-earnings ratio of -44.15 and a beta of 2.29. The stock has a 50-day simple moving average of $6.06 and a 200-day simple moving average of $4.86. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to the consensus estimate 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 quarter last year, the firm posted ($0.07) earnings per share. As a group, analysts predict that Cipher Mining Inc. will post -0.18 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $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. Insiders sold 1,596,623 shares of company stock worth $9,591,561 over the last ninety days. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently bought and sold shares of the stock. Amalgamated Bank lifted its position in shares of Cipher Mining by 321.8% in the 2nd 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. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the third quarter worth $33,000. Xponance Inc. purchased a new stake in shares of Cipher Mining during the 2nd quarter worth about $45,000. W Advisors LLC bought a new position in Cipher Mining during the third quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at $47,000. Hedge funds and other institutional investors 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.