Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.5%

Cipher Mining Inc. (NASDAQ:CIFR) traded down 5.5% during mid-day trading on Monday . The stock traded as low as $2.86 and last traded at $2.92. 1,051,960 shares were traded during mid-day trading, a decline of 88% from the average session volume of 8,772,435 shares. The stock had previously closed at $3.09.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Needham & Company LLC boosted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. Compass Point lifted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. HC Wainwright upped their price target on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Tuesday, September 3rd. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $7.70.

Cipher Mining Stock Up 1.3 %

The company has a fifty day simple moving average of $4.29 and a two-hundred day simple moving average of $4.21. The firm has a market capitalization of $936.29 million, a PE ratio of 49.50 and a beta of 2.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same quarter last year, the company earned ($0.05) earnings per share. Analysts forecast that Cipher Mining Inc. will post -0.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $2.87, for a total transaction of $5,456,191.44. Following the completion of the transaction, the insider now owns 102,044,892 shares of the company’s stock, valued at $292,868,840.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 8,108,357 shares of company stock valued at $28,338,868. 2.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in CIFR. Amalgamated Bank raised its position in 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 purchasing an additional 4,557 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Cipher Mining in the 1st quarter valued at $52,000. Xponance Inc. purchased a new position in shares of Cipher Mining in the 2nd quarter valued at $45,000. Price T Rowe Associates Inc. MD acquired a new stake in Cipher Mining during the 1st quarter worth $59,000. Finally, SG Americas Securities LLC acquired a new position in Cipher Mining in the first quarter valued at $74,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.