Cipher Mining (NASDAQ:CIFR) Stock Price Down 3.8% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was down 3.8% on Friday . The company traded as low as $13.55 and last traded at $14.36. Approximately 56,572,328 shares were traded during mid-day trading, an increase of 93% from the average daily volume of 29,249,045 shares. The stock had previously closed at $14.93.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wall Street Zen upgraded Cipher Mining from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Rosenblatt Securities raised their price objective on Cipher Mining to $33.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Arete assumed coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price target for the company. Compass Point began coverage on Cipher Mining in a research note on Monday, September 15th. They issued a “buy” rating on the stock. Finally, Northland Securities set a $27.50 price target on Cipher Mining in a research report on Tuesday, November 4th. Twelve equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $23.77.

Cipher Mining Price Performance

The firm has a market cap of $5.67 billion, a PE ratio of -79.78 and a beta of 2.91. The stock’s fifty day moving average price is $16.05 and its 200-day moving average price is $8.73. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Monday, November 3rd. The company reported ($0.01) 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 company had revenue of $106.69 million for the quarter, compared to the consensus estimate of $79.13 million. As a group, equities analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the completion of the transaction, the insider directly owned 71,437,719 shares of the company’s stock, valued at approximately $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 20,777,578 shares of company stock valued at $279,696,112. Company insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Helix Partners Management LP raised its stake in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock valued at $10,120,000 after acquiring an additional 2,153,058 shares during the last quarter. Greenleaf Trust purchased a new stake in shares of Cipher Mining during the 2nd quarter worth approximately $108,000. Impact Partnership Wealth LLC purchased a new position in shares of Cipher Mining in the first quarter valued at $109,000. SRN Advisors LLC lifted its holdings in shares of Cipher Mining by 42.1% in the first quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock valued at $654,000 after purchasing an additional 84,148 shares in the last quarter. Finally, Anthracite Investment Company Inc. purchased a new position in Cipher Mining during the second quarter worth $163,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.