Cipher Mining (NASDAQ:CIFR) Trading Down 12.2% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR) shares fell 12.2% on Wednesday . The stock traded as low as $14.75 and last traded at $14.2710. 3,707,653 shares were traded during mid-day trading, a decline of 87% from the average session volume of 29,275,297 shares. The stock had previously closed at $16.26.

Wall Street Analysts Forecast Growth

CIFR has been the topic of several research analyst reports. Wells Fargo & Company set a $18.00 price target on Cipher Mining in a research report on Monday, November 24th. Citigroup assumed coverage on Cipher Mining in a research report on Wednesday, November 19th. They set an “outperform” rating on the stock. JMP Securities set a $30.00 target price on shares of Cipher Mining in a research note on Wednesday, November 19th. HC Wainwright raised their target price on Cipher Mining to $30.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Finally, Citizens Jmp began coverage on Cipher Mining in a report on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price objective for the company. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.54.

Cipher Mining Trading Down 18.5%

The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49. The business’s 50 day simple moving average is $17.25 and its 200-day simple moving average is $14.04. The stock has a market capitalization of $5.24 billion, a P/E ratio of -73.58 and a beta of 2.95.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The company had revenue of $106.69 million during the quarter, compared to analysts’ expectations of $79.13 million. As a group, analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 35,568 shares of the stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $17.76, for a total transaction of $631,687.68. Following the transaction, the chief operating officer owned 1,512,644 shares in the company, valued at approximately $26,864,557.44. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Holly Morrow Evans sold 15,000 shares of Cipher Mining stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $18.74, for a total value of $281,100.00. Following the sale, the director directly owned 195,512 shares of the company’s stock, valued at $3,663,894.88. This represents a 7.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 271,023 shares of company stock valued at $4,442,255. Insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC acquired a new position in shares of Cipher Mining in the first quarter worth approximately $9,316,000. Goldman Sachs Group Inc. lifted its stake in Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after buying an additional 1,610,073 shares during the period. 111 Capital bought a new position in shares of Cipher Mining during the 2nd quarter worth approximately $114,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Cipher Mining in the 2nd quarter valued at $127,000. Finally, Tiptree Advisors LLC acquired a new position in shares of Cipher Mining during the 2nd quarter valued at $717,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.