Cipher Mining (NASDAQ:CIFR) Trading Down 7.4% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 7.4% during mid-day trading on Thursday . The stock traded as low as $4.82 and last traded at $4.89. 1,300,580 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 9,056,740 shares. The stock had previously closed at $5.28.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CIFR shares. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Needham & Company LLC increased their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Compass Point boosted their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Macquarie initiated coverage on Cipher Mining in a research note on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price target for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Thursday, August 29th. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $7.21.

Cipher Mining Stock Performance

The firm’s 50 day simple moving average is $3.92 and its 200-day simple moving average is $4.25. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of 81.50 and a beta of 2.25. 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 announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) 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 firm had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same period in the prior year, the business earned ($0.05) EPS. Analysts expect that Cipher Mining Inc. will post -0.05 EPS for the current year.

Insider Transactions at Cipher Mining

In related news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. 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. In related news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the transaction, the insider now owns 103,946,004 shares in the company, valued at $284,812,050.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,943,078 shares of company stock valued at $23,609,769 over the last three months. 2.25% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares in the last quarter. Millennium Management LLC raised its holdings in Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after buying an additional 1,144,390 shares during the last quarter. Vident Advisory LLC lifted its position in shares of Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after buying an additional 1,090,811 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after acquiring an additional 389,079 shares in the last quarter. 12.26% of the stock is currently 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.