Cipher Mining (NASDAQ:CIFR) Trading Down 4.3% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR) shares traded down 4.3% during mid-day trading on Wednesday . The stock traded as low as $6.90 and last traded at $6.92. 1,364,954 shares changed hands during trading, a decline of 85% from the average session volume of 9,386,623 shares. The stock had previously closed at $7.23.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Macquarie raised their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research report on Tuesday, December 10th. Finally, Northland Securities raised their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining currently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Stock Down 0.1 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market capitalization of $2.51 billion, a PE ratio of -55.53 and a beta of 2.29. The business’s 50 day simple moving average is $5.97 and its 200 day simple moving average is $4.85.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the prior year, the company posted ($0.07) earnings per share. As a group, analysts anticipate that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the sale, the insider now directly owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,593,503 shares of company stock worth $9,568,005. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank increased its stake in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the third quarter valued at approximately $33,000. Xponance Inc. purchased a new stake in Cipher Mining during the 2nd quarter worth approximately $45,000. W Advisors LLC acquired a new stake in Cipher Mining during the 3rd quarter worth approximately $45,000. Finally, Prospect Financial Services LLC purchased a new position in Cipher Mining in the 3rd quarter valued at approximately $47,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

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.