Cipher Mining (NASDAQ:CIFR) Shares Down 5.6%

Cipher Mining Inc. (NASDAQ:CIFR) shares traded down 5.6% during trading on Wednesday . The stock traded as low as $3.68 and last traded at $3.70. 5,934,870 shares were traded during mid-day trading, a decline of 33% from the average session volume of 8,845,956 shares. The stock had previously closed at $3.92.

Analyst Ratings Changes

Several analysts recently commented on the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Compass Point lifted their price objective on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday. Cantor Fitzgerald started coverage on Cipher Mining in a report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price objective for the company. Finally, HC Wainwright boosted their price target on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $7.25.

Cipher Mining Stock Down 0.5 %

The company has a fifty day simple moving average of $4.81 and a 200-day simple moving average of $4.17. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.19 billion, a P/E ratio of 64.00 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The business had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $3.99, for a total value of $1,182,464.43. Following the completion of the transaction, the insider now owns 118,223,411 shares of the company’s stock, valued at $471,711,409.89. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 5,302,379 shares of company stock valued at $24,285,016 over the last 90 days. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently made changes to their positions in the business. Amalgamated Bank boosted its stake in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the period. Xponance Inc. purchased a new stake in shares of Cipher Mining in the second quarter worth about $45,000. Wolverine Asset Management LLC purchased a new stake in shares of Cipher Mining in the fourth quarter worth about $49,000. Calamos Advisors LLC purchased a new stake in shares of Cipher Mining in the fourth quarter worth about $52,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Cipher Mining in the first quarter worth about $52,000. Institutional investors own 12.26% of the company’s stock.

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.