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

Cipher Mining Inc. (NASDAQ:CIFR) fell 5.9% during trading 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. 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.

A number of other brokerages also recently issued reports on CIFR. Sanford C. Bernstein initiated coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target on the stock. Cantor Fitzgerald decreased their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Jefferies Financial Group started coverage on Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective on the stock. Morgan Stanley reduced their target price on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. Finally, Chardan Capital reissued a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a research report on Tuesday. One investment 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.29.

Insider Activity at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer directly owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James E. Newsome sold 3,758 shares of Cipher Mining stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total transaction of $99,962.80. Following the completion of the transaction, the director directly owned 128,530 shares of the company’s stock, valued at $3,418,898. This trade represents a 2.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,197,167 shares of company stock worth $82,740,496 in the last ninety days. 3.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CIFR. CoreCap Advisors LLC raised its position in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after buying an additional 500 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Cipher Mining in the fourth quarter worth approximately $25,000. Arax Advisory Partners grew its stake in shares of Cipher Mining by 274.2% in 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 during the period. Meeder Asset Management Inc. bought a new position in Cipher Mining during the fourth quarter valued at approximately $28,000. Finally, Harbor Investment Advisory LLC purchased a new stake in Cipher Mining in the second quarter worth approximately $58,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

The firm has a market cap of $7.20 billion, a P/E ratio of -6.05 and a beta of 3.20. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.13 and a current ratio of 3.00. The business’s 50-day simple moving average is $23.08 and its 200 day simple moving average is $19.14.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same period in the previous year, the company earned ($0.12) earnings per share. As a group, equities analysts predict that Cipher Mining Inc. will post -0.79 earnings per share for the current year.

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.