Cipher Mining (NASDAQ:CIFR) Trading Down 5.9% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) was down 5.9% during trading on Friday . The company traded as low as $4.92 and last traded at $4.95. Approximately 2,647,175 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 9,407,459 shares. The stock had previously closed at $5.26.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of analyst reports. Northland Securities lifted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Macquarie increased their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Cipher Mining presently has a consensus rating of “Buy” and a consensus price target of $8.03.

Cipher Mining Stock Down 7.6 %

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 capitalization of $1.69 billion, a P/E ratio of -37.38 and a beta of 2.29. The stock has a fifty day moving average price of $6.15 and a 200 day moving average price of $4.92.

Cipher Mining (NASDAQ:CIFR) last issued its 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). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the prior year, the business earned ($0.07) EPS. On average, research analysts forecast that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were 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 in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock worth $9,000,561 in the last three months. 2.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently made changes to their positions in CIFR. State Street Corp boosted its position in Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after buying an additional 1,019,949 shares during the period. Geode Capital Management LLC lifted its stake in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after acquiring an additional 1,511,455 shares during the last quarter. Millennium Management LLC boosted its holdings in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the period. Van ECK Associates Corp grew its position in Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Finally, Tidal Investments LLC increased its stake in Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares during the period. 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.