Cipher Mining (NASDAQ:CIFR) Trading Down 6.6% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) traded down 6.6% during trading on Tuesday . The stock traded as low as $17.02 and last traded at $16.9640. 8,838,184 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 19,540,516 shares. The stock had previously closed at $18.16.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of analyst reports. Needham & Company LLC upped their target price on shares of Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Wells Fargo & Company set a $18.00 price objective on shares of Cipher Mining in a research report on Monday, November 24th. JMP Securities set a $30.00 price target on shares of Cipher Mining in a research note on Wednesday, November 19th. BTIG Research restated a “buy” rating and set a $25.00 price objective on shares of Cipher Mining in a research report on Wednesday, November 5th. Finally, Macquarie upped their target price on shares of Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.73.

Cipher Mining Price Performance

The business has a 50 day moving average of $17.54 and a 200 day moving average of $12.25. The company has a market cap of $6.88 billion, a PE ratio of -96.51 and a beta of 2.94. 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 released its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%.The business had revenue of $106.69 million for the quarter, compared to analysts’ expectations of $79.13 million. As a group, research analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, Director Cary M. Grossman sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $19.00, for a total transaction of $475,000.00. Following the completion of the sale, the director directly owned 200,530 shares of the company’s stock, valued at $3,810,070. This trade represents a 11.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 35,569 shares of Cipher Mining stock in a transaction on Monday, December 15th. The shares were sold at an average price of $15.08, for a total transaction of $536,380.52. Following the completion of the sale, the chief operating officer owned 1,151,770 shares in the company, valued at approximately $17,368,691.60. This represents a 3.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 4,970,973 shares of company stock valued at $102,884,253. Company insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Cipher Mining by 13.4% in the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock worth $287,236,000 after purchasing an additional 2,699,717 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cipher Mining by 18.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock valued at $34,621,000 after acquiring an additional 1,108,850 shares during the last quarter. Tidal Investments LLC grew its position in Cipher Mining by 28.3% in the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock worth $33,386,000 after acquiring an additional 1,541,138 shares in the last quarter. Invesco Ltd. raised its position in Cipher Mining by 40.0% during the third quarter. Invesco Ltd. now owns 6,852,074 shares of the company’s stock valued at $86,268,000 after purchasing an additional 1,958,385 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of Cipher Mining by 64.9% in the 3rd quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock valued at $84,937,000 after purchasing an additional 2,655,015 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

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.