Cipher Mining (NASDAQ:CIFR) Shares Down 6.4% – Here’s What Happened

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded down 6.4% on Thursday . The company traded as low as $16.64 and last traded at $16.7260. Approximately 16,475,107 shares traded hands during trading, a decline of 41% from the average daily volume of 27,734,162 shares. The stock had previously closed at $17.87.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Jefferies Financial Group began coverage on Cipher Mining in a research note on Thursday, May 14th. They set a “buy” rating and a $32.00 price target on the stock. UBS Group set a $30.00 price objective on Cipher Mining in a research report on Monday. HC Wainwright boosted their price objective on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. BTIG Research upped their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cipher Mining has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The company has a 50-day moving average price of $22.18 and a 200-day moving average price of $19.10. The firm has a market capitalization of $7.41 billion, a P/E ratio of -6.24 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same quarter in the prior year, the company posted ($0.12) EPS. On average, sell-side analysts predict that Cipher Mining Inc. will post -1.37 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Holding Ltd V3 sold 1,200,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $25.49, for a total value of $30,588,000.00. Following the sale, the insider directly owned 58,316,694 shares in the company, valued at $1,486,492,530.06. This trade represents a 2.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James E. Newsome sold 3,758 shares of Cipher Mining stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total transaction of $99,962.80. Following the transaction, the director directly owned 128,530 shares in the company, valued at $3,418,898. The trade was a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,145,825 shares of company stock worth $81,741,167 over the last ninety days. Company insiders own 3.09% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Los Angeles Capital Management LLC bought a new stake in shares of Cipher Mining in the 4th quarter valued at $25,000. Arax Advisory Partners lifted its holdings in 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 acquiring an additional 1,338 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Cipher Mining in the fourth quarter valued at about $28,000. Danske Bank A S grew its stake in Cipher Mining by 1,150.0% in the fourth 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 period. Finally, CWM LLC increased its holdings in shares of Cipher Mining by 43.3% in the fourth quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after acquiring an additional 804 shares in 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.