Cipher Mining (NASDAQ:CIFR) Trading Down 5.9% on Analyst Downgrade

Cipher Mining Inc. (NASDAQ:CIFR) shares dropped 5.9% on Friday after Keefe, Bruyette & Woods lowered their price target on the stock from $32.00 to $28.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Cipher Mining traded as low as $17.48 and last traded at $17.1430. Approximately 5,893,258 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 27,415,840 shares. The stock had previously closed at $18.21.

Several other brokerages also recently commented on CIFR. Chardan Capital restated a “buy” rating and set a $32.00 price objective on shares of Cipher Mining in a research report on Tuesday. BTIG Research raised their price target on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Jefferies Financial Group started coverage on Cipher Mining in a research note on Thursday, May 14th. They issued a “buy” rating and a $32.00 price objective for the company. Needham & Company LLC lifted their target price on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.29.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 1,800,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total transaction of $47,916,000.00. Following the transaction, the insider directly owned 59,516,694 shares in the company, valued at $1,584,334,394.28. This represents a 2.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cary M. Grossman sold 15,000 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the completion of the transaction, the director directly owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. The trade was a 9.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,197,167 shares of company stock valued at $82,740,496 over the last 90 days. 3.09% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CIFR. CoreCap Advisors LLC grew its holdings in Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Cipher Mining during the fourth quarter worth $25,000. Arax Advisory Partners increased its position in shares of Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after purchasing an additional 1,338 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Cipher Mining during the 4th quarter valued at $28,000. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of Cipher Mining during the 2nd quarter valued at $58,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Price Performance

The company has a current ratio of 3.00, a quick ratio of 3.13 and a debt-to-equity ratio of 9.69. The stock has a market cap of $7.20 billion, a price-to-earnings ratio of -6.05 and a beta of 3.20. The stock has a 50-day moving average price of $23.08 and a two-hundred day moving average price of $19.14.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. During the same period in the prior year, the company earned ($0.12) earnings per share. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.79 EPS for the current year.

About Cipher Mining

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.