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

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price was down 6.6% on Tuesday . The stock traded as low as $17.02 and last traded at $16.9640. Approximately 8,838,184 shares were traded during trading, a decline of 55% from the average daily volume of 19,540,516 shares. The stock had previously closed at $18.16.

Analyst Ratings Changes

Several brokerages have issued reports on CIFR. Macquarie raised their price objective on shares of Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Citizens Jmp began coverage on Cipher Mining in a research report on Wednesday, November 19th. They issued an “outperform” rating and a $30.00 price objective on the stock. JMP Securities set a $30.00 target price on Cipher Mining in a research note on Wednesday, November 19th. Wells Fargo & Company set a $18.00 target price on shares of Cipher Mining in a research note on Monday, November 24th. Finally, Rosenblatt Securities raised their price target on shares of Cipher Mining to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average target price of $24.73.

Cipher Mining Stock Performance

The business has a 50-day moving average of $17.54 and a two-hundred day moving average of $12.25. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49. The company has a market cap of $6.88 billion, a P/E ratio of -96.51 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $106.69 million for the quarter, compared to the consensus estimate of $79.13 million. On average, sell-side analysts predict 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 35,569 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $15.08, for a total value of $536,380.52. Following the completion of the sale, the chief operating officer owned 1,151,770 shares of the company’s stock, valued at approximately $17,368,691.60. This trade represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James E. Newsome sold 21,821 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $16.03, for a total transaction of $349,790.63. Following the transaction, the director owned 172,492 shares in the company, valued at approximately $2,765,046.76. This trade represents a 11.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,970,973 shares of company stock valued at $102,884,253 in the last 90 days. 2.63% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. GAMMA Investing LLC grew its stake in Cipher Mining by 218.3% during the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after purchasing an additional 1,286 shares during the last quarter. Sherman Asset Management Inc. purchased a new position in Cipher Mining during the 3rd quarter worth approximately $25,000. Hollencrest Capital Management acquired a new stake in Cipher Mining during the 3rd quarter valued at approximately $31,000. Peterson Wealth Services acquired a new stake in shares of Cipher Mining in the third quarter worth $41,000. Finally, Parallel Advisors LLC increased its stake in shares of Cipher Mining by 663.0% in the third quarter. Parallel Advisors LLC now owns 4,166 shares of the company’s stock worth $52,000 after acquiring an additional 3,620 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.