Cipher Mining (NASDAQ:CIFR) Trading Down 2.5%

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was down 2.5% during mid-day trading on Monday . The stock traded as low as $3.87 and last traded at $3.90. Approximately 874,165 shares changed hands during trading, a decline of 90% from the average daily volume of 8,851,172 shares. The stock had previously closed at $4.00.

Analyst Ratings Changes

CIFR has been the subject of a number of research analyst reports. Cantor Fitzgerald started coverage on shares of Cipher Mining in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 target price for the company. Canaccord Genuity Group upped their price target on shares of Cipher Mining from $6.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. HC Wainwright increased their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Compass Point boosted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining presently has an average rating of “Buy” and an average target price of $7.42.

Cipher Mining Trading Down 5.6 %

The company has a market capitalization of $1.09 billion, a P/E ratio of 62.33 and a beta of 2.29. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. The business’s 50-day moving average price is $4.71 and its two-hundred day moving average price is $4.24.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The business had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. During the same quarter in the previous year, the business posted ($0.05) EPS.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $6.23, for a total value of $3,798,082.12. Following the completion of the transaction, the insider now directly owns 109,911,187 shares in the company, valued at $684,746,695.01. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 4,711,211 shares of company stock worth $21,899,723. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. First Financial Bankshares Inc acquired a new stake in Cipher Mining during the fourth quarter worth approximately $9,901,000. Vanguard Group Inc. grew its holdings in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp increased its position in Cipher Mining by 38.9% during the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after buying an additional 765,238 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cipher Mining by 30.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock worth $185,000 after buying an additional 10,998 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Cipher Mining by 27.0% during the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after buying an additional 26,700 shares in the last quarter. 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.