Cipher Mining (NASDAQ:CIFR) Trading Down 6.3% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR) shares traded down 6.3% on Wednesday . The stock traded as low as $17.59 and last traded at $17.3510. 8,705,673 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 28,303,637 shares. The stock had previously closed at $18.51.

Analyst Ratings Changes

A number of research firms have recently commented on CIFR. Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research note on Friday, September 4th. Morgan Stanley set a $43.50 price target on shares of Cipher Mining in a research report on Thursday, August 6th. JPMorgan Chase & Co. cut their price target on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Sanford C. Bernstein began coverage on shares of Cipher Mining in a report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target on the stock. Finally, Needham & Company LLC upped their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.61.

Cipher Mining Stock Down 8.1%

The firm has a 50-day simple moving average of $19.07 and a 200 day simple moving average of $19.15. The company has a market capitalization of $7.06 billion, a PE ratio of -5.96 and a beta of 3.15. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The company had revenue of $24.84 million for the quarter, compared to analysts’ expectations of $31.86 million. During the same quarter in the previous year, the business posted ($0.12) earnings per share. On average, research analysts predict that Cipher Mining Inc. will post -1.36 EPS for the current fiscal year.

Insider Activity

In related news, Director James Newsome sold 3,758 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total value of $99,962.80. Following the transaction, the director owned 128,530 shares in the company, valued at approximately $3,418,898. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Cary Grossman sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the completion of the transaction, the director directly owned 143,829 shares in the company, valued at approximately $4,232,887.47. The trade was a 9.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 131,258 shares of company stock worth $2,925,288 over the last ninety days. Corporate insiders own 3.09% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its holdings in shares of Cipher Mining by 237.7% during the first quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after buying an additional 995,735 shares during the last quarter. HighTower Advisors LLC increased its position in Cipher Mining by 16.6% during the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after acquiring an additional 95,686 shares during the period. Moore Capital Management LP bought a new position in Cipher Mining during the second quarter worth $35,077,000. Foundations Investment Advisors LLC acquired a new position in Cipher Mining during the 4th quarter valued at $667,000. Finally, Wellington Management Group LLP boosted its holdings in Cipher Mining by 567.1% in the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock valued at $97,652,000 after purchasing an additional 3,388,359 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

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.