Cipher Mining (NASDAQ:CIFR) Trading Down 7.5% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was down 7.5% during mid-day trading on Thursday . The company traded as low as $6.43 and last traded at $6.45. Approximately 3,300,072 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 9,198,832 shares. The stock had previously closed at $6.97.

Analyst Ratings Changes

CIFR has been the subject of a number of research analyst reports. Northland Securities initiated coverage on Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price for the company. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Macquarie boosted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Compass Point increased their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $7.54.

Cipher Mining Price Performance

The firm has a market cap of $2.42 billion, a price-to-earnings ratio of -52.92 and a beta of 2.18. 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’s fifty day moving average price is $4.08 and its 200-day moving average price is $4.31.

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). 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 last year, the company earned ($0.07) earnings per share. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the transaction, the insider now directly owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the transaction, the insider now owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,943,078 shares of company stock valued at $23,609,769 in the last ninety days. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Large investors have recently made changes to their positions in the company. Amalgamated Bank increased 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 purchasing an additional 4,557 shares during the period. Farther Finance Advisors LLC purchased a new position in shares of Cipher Mining during the third quarter worth about $33,000. Janney Montgomery Scott LLC acquired a new position in Cipher Mining in the 1st quarter valued at about $52,000. Xponance Inc. purchased a new stake in Cipher Mining during the 2nd quarter valued at approximately $45,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Cipher Mining during the 1st quarter worth approximately $59,000. 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.