Cipher Mining (NASDAQ:CIFR) Shares Down 9.3% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 9.3% during trading on Thursday. The stock traded as low as $8.90 and last traded at $9.0190. 12,421,139 shares traded hands during trading, a decline of 58% from the average daily volume of 29,863,281 shares. The stock had previously closed at $9.94.

Analyst Ratings Changes

A number of analysts recently commented on CIFR shares. Morgan Stanley dropped their target price on shares of Cipher Mining from $54.00 to $51.50 and set an “overweight” rating on the stock in a report on Monday. Freedom Capital raised Cipher Mining to a “hold” rating in a research report on Friday, September 18th. JPMorgan Chase & Co. reduced their price target 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. Wells Fargo & Company assumed coverage on Cipher Mining in a research note on Thursday, September 17th. They issued an “overweight” rating and a $25.00 price objective on the stock. Finally, BTIG Research upped their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.72.

Cipher Mining Stock Performance

The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of -3.29 and a beta of 3.20. The firm’s 50-day moving average price is $16.25 and its two-hundred day moving average price is $19.30. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last announced 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 company had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same quarter last year, the company earned ($0.12) earnings per share. Sell-side analysts predict that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its stake in shares of Cipher Mining by 237.7% in the first quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after acquiring an additional 995,735 shares during the last quarter. Moore Capital Management LP bought a new stake in shares of Cipher Mining during the second quarter valued at approximately $35,077,000. Wellington Management Group LLP grew its stake in shares of Cipher Mining by 567.1% during the second 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 last quarter. Purpose Unlimited Inc. acquired a new stake in shares of Cipher Mining in the fourth quarter valued at approximately $1,558,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in shares of Cipher Mining in the first quarter valued at approximately $2,188,000. Institutional investors 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.