Cipher Mining (NASDAQ:CIFR) Stock Price Down 9% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR) traded down 9% during mid-day trading on Monday . The stock traded as low as $25.46 and last traded at $23.5960. Approximately 2,898,172 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 27,167,688 shares. The stock had previously closed at $25.94.

Analysts Set New Price Targets

Several brokerages have recently commented on CIFR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday. BTIG Research lifted their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Cantor Fitzgerald cut their target price on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Finally, Zacks Research upgraded Cipher Mining from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.31.

Cipher Mining Stock Down 2.3%

The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13. The company has a market capitalization of $10.37 billion, a PE ratio of -10.84 and a beta of 3.18. The business’s 50-day simple moving average is $22.39 and its 200-day simple moving average is $18.15.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The business 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 business’s revenue for the quarter was down 28.8% on a year-over-year basis. As a group, equities research analysts anticipate that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, Director Cary M. Grossman sold 20,000 shares of Cipher Mining stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the completion of the transaction, the director owned 150,530 shares in the company, valued at approximately $3,284,564.60. This trade represents a 11.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James E. Newsome sold 3,758 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director directly owned 128,530 shares of the company’s stock, valued at approximately $3,418,898. This trade represents a 2.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 3,132,836 shares of company stock valued at $81,420,063 over the last ninety days. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

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

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.