Cipher Mining (NASDAQ:CIFR) Shares Down 5.3% – Here’s Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded down 5.3% on Monday . The stock traded as low as $6.39 and last traded at $6.42. 1,201,536 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 9,294,470 shares. The stock had previously closed at $6.78.

Wall Street Analyst Weigh In

Several brokerages have commented on CIFR. Needham & Company LLC reissued a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Northland Securities started coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining has an average rating of “Buy” and an average price target of $7.72.

Cipher Mining Stock Performance

The firm has a market cap of $2.22 billion, a P/E ratio of -48.15 and a beta of 2.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The business’s 50-day simple moving average is $4.96 and its 200 day simple moving average is $4.53.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share 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 business had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter last year, the company earned ($0.07) EPS. As a group, equities analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the sale, the insider now owns 103,946,004 shares in the company, valued at $284,812,050.96. This trade represents a 1.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the company’s 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 transaction, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This represents a 19.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,296,839 shares of company stock valued at $25,974,602 over the last quarter. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after purchasing an additional 1,019,949 shares during the period. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 2,164,383 shares during the period. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares during the last quarter. Millennium Management LLC increased its stake in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after buying an additional 2,938,184 shares during the period. Finally, Van ECK Associates Corp grew its stake in Cipher Mining by 41.5% in 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 in the last quarter. 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.