Cipher Mining (NASDAQ:CIFR) Shares Down 6.3% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) dropped 6.3% on Wednesday . The stock traded as low as $22.06 and last traded at $21.57. Approximately 5,054,475 shares were traded during trading, a decline of 82% from the average daily volume of 27,410,826 shares. The stock had previously closed at $23.03.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CIFR. Sanford C. Bernstein began coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price for the company. BTIG Research restated a “buy” rating and set a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, May 6th. Cantor Fitzgerald reduced their target price on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Zacks Research raised Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Finally, Wall Street Zen downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.69.

Cipher Mining Trading Down 6.4%

The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of -9.23 and a beta of 3.18. The firm has a 50-day moving average price of $19.48 and a 200-day moving average price of $17.43. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The firm had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company’s revenue was down 28.8% on a year-over-year basis. As a group, sell-side analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insiders Place Their Bets

In related news, COO Patrick Arthur Kelly sold 48,000 shares of Cipher Mining stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the transaction, the chief operating officer directly owned 1,451,856 shares in the company, valued at $28,107,932.16. The trade was a 3.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Cary M. Grossman sold 30,000 shares of Cipher Mining stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $14.54, for a total value of $436,200.00. Following the transaction, the director owned 170,530 shares in the company, valued at $2,479,506.20. This represents a 14.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 3,213,804 shares of company stock worth $82,381,735. Corporate insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

A number of institutional investors have recently bought and sold shares of the company. Rathbones Group PLC boosted its position in Cipher Mining by 7.0% during the first quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after purchasing an additional 750 shares during the last quarter. Bank of America Corp DE increased 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 purchasing an additional 995,735 shares during the period. Janus Henderson Group PLC increased its stake in shares of Cipher Mining by 1.9% in the first quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after purchasing an additional 81,192 shares during the period. Amundi bought a new position in shares of Cipher Mining in the first quarter worth about $198,000. Finally, EverSource Wealth Advisors LLC increased its stake 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 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.