Cipher Mining (NASDAQ:CIFR) Shares Down 10.3% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) traded down 10.3% during mid-day trading on Friday . The company traded as low as $23.56 and last traded at $23.1690. 14,221,187 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 27,051,377 shares. The stock had previously closed at $25.82.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CIFR. Jefferies Financial Group assumed coverage on shares of Cipher Mining in a research note on Thursday, May 14th. They set a “buy” rating and a $32.00 target price on the stock. Sanford C. Bernstein initiated coverage on Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target for the company. Morgan Stanley decreased their price target on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. Needham & Company LLC boosted their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Finally, Cantor Fitzgerald dropped their price objective on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.22.

Cipher Mining Stock Performance

The stock has a market cap of $9.47 billion, a P/E ratio of -9.94 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The firm’s 50-day moving average price is $23.27 and its 200-day moving average price is $18.93.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The company had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining’s revenue was down 28.8% compared to the same quarter last year. Sell-side analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Wesley Hastie Williams sold 14,567 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $21.41, for a total transaction of $311,879.47. Following the completion of the transaction, the director owned 115,409 shares in the company, valued at $2,470,906.69. This trade represents a 11.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the transaction, the chief executive officer owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC purchased a new position in Cipher Mining during the 4th quarter valued at approximately $25,000. Arax Advisory Partners raised its holdings in shares of Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Cipher Mining by 218.3% during the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Cipher Mining during the 4th quarter valued at approximately $28,000. Finally, Danske Bank A S boosted its position in shares of Cipher Mining by 1,150.0% during the 4th quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after acquiring an additional 2,300 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

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.