Cipher Mining (NASDAQ:CIFR) Stock Price Down 6.6% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price fell 6.6% on Tuesday . The stock traded as low as $5.25 and last traded at $5.07. 1,545,092 shares were traded during trading, a decline of 78% from the average session volume of 7,081,730 shares. The stock had previously closed at $5.43.

Wall Street Analyst Weigh In

CIFR has been the subject of several recent analyst reports. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 price objective on shares of Cipher Mining in a research note on Tuesday, January 7th. Northland Securities increased their price target on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research report on Tuesday, December 10th. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $8.25.

Cipher Mining Trading Up 0.7 %

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 company has a market capitalization of $1.90 billion, a P/E ratio of -41.80 and a beta of 2.38. The company’s fifty day simple moving average is $5.94 and its 200-day simple moving average is $4.98.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the prior year, the business posted ($0.07) earnings per share. Research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,356,881 shares of company stock valued at $8,608,389. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently modified their holdings of the business. Amalgamated Bank grew its position in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after acquiring an additional 5,432 shares during the period. Farther Finance Advisors LLC purchased a new position in Cipher Mining in the 3rd quarter worth $33,000. Xponance Inc. acquired a new stake in Cipher Mining during the 2nd quarter worth about $45,000. Finally, W Advisors LLC purchased a new stake in Cipher Mining during the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.