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

Cipher Mining Inc. (NASDAQ:CIFR) dropped 6.6% on Tuesday . The company traded as low as $5.25 and last traded at $5.07. Approximately 1,545,092 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 7,081,730 shares. The stock had previously closed at $5.43.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CIFR. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Northland Securities lifted their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. BTIG Research increased their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Tuesday. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Price Performance

The firm has a market cap of $1.92 billion, a P/E ratio of -42.54 and a beta of 2.38. The business’s fifty day simple moving average is $5.87 and its 200-day simple moving average is $4.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) EPS 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 company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the prior year, the business earned ($0.07) EPS. As a group, analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was 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 in the company, valued at $4,756,173.20. This represents a 7.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,356,881 shares of company stock valued at $8,608,389. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its holdings in Cipher Mining by 122.8% during the 2nd 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 during the last quarter. Tidal Investments LLC boosted its holdings in shares of Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares during the period. Geode Capital Management LLC grew its stake 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. Van ECK Associates Corp increased its holdings in Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the period. Finally, Paloma Partners Management Co bought a new position in Cipher Mining during the 3rd quarter valued at approximately $4,029,000. 12.26% of the stock is currently 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.