Cipher Mining (NASDAQ:CIFR) Shares Down 6.5% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price dropped 6.5% on Thursday. The stock traded as low as $13.55 and last traded at $13.6090. 11,950,808 shares were traded during trading, a decline of 59% from the average daily volume of 29,001,818 shares. The stock had previously closed at $14.56.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. UBS Group assumed coverage on shares of Cipher Mining in a research report on Wednesday, September 23rd. They issued a “buy” rating and a $23.00 price objective on the stock. JPMorgan Chase & Co. dropped their target price on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. BTIG Research upped their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Chardan Capital reiterated a “buy” rating and issued a $32.00 price target on shares of Cipher Mining in a report on Tuesday, August 4th. Finally, Keefe, Bruyette & Woods decreased their price target on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus price target of $28.86.

Cipher Mining Trading Down 7.9%

The stock has a market capitalization of $5.57 billion, a P/E ratio of -4.70 and a beta of 3.20. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69. The company has a 50-day moving average price of $17.19 and a 200 day moving average price of $19.39.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same quarter in the prior year, the business posted ($0.12) earnings per share. On average, research analysts forecast that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. CoreCap Advisors LLC boosted its stake in shares of Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after buying an additional 500 shares during the last quarter. Ancora Advisors LLC acquired a new stake in Cipher Mining during the second quarter worth about $49,000. Harbor Investment Advisory LLC purchased a new position in Cipher Mining during the second quarter valued at approximately $58,000. EverSource Wealth Advisors LLC raised its position in Cipher Mining by 259.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock valued at $43,000 after acquiring an additional 2,423 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Cipher Mining in the second quarter valued at approximately $99,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.