Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.1% – Should You Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) fell 5.1% during trading on Wednesday . The company traded as low as $3.76 and last traded at $3.76. 4,600,458 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 9,000,829 shares. The stock had previously closed at $3.96.

Analysts Set New Price Targets

CIFR has been the subject of several recent analyst reports. Compass Point boosted their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC lifted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Northland Securities started coverage on Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective for the company. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $7.21.

Cipher Mining Trading Down 4.8 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The stock has a market cap of $1.17 billion, a P/E ratio of 62.83 and a beta of 2.25. The stock’s 50-day moving average is $3.66 and its two-hundred day moving average is $4.21.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The business had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. During the same period last year, the company posted ($0.05) EPS. Equities research analysts anticipate that Cipher Mining Inc. will post -0.05 EPS for the current year.

Insider Activity

In other news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of Cipher Mining stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the completion of the sale, the insider now owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now owns 619,148 shares in the company, valued at approximately $2,439,443.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,462,980 shares of company stock valued at $20,795,679. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. Vanguard Group Inc. grew its stake in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares during the period. Millennium Management LLC raised its position in shares of Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares during the period. Van ECK Associates Corp lifted its stake in shares of Cipher Mining by 0.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock valued at $11,437,000 after purchasing an additional 22,086 shares during the last quarter. First Financial Bankshares Inc purchased a new position in Cipher Mining during the fourth quarter worth about $9,901,000. Finally, Vident Advisory LLC increased its holdings in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after purchasing an additional 1,090,811 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.