Cipher Mining (NASDAQ:CIFR) Trading Down 5.9% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares fell 5.9% during mid-day trading on Friday . The stock traded as low as $4.92 and last traded at $4.95. 2,647,175 shares were traded during trading, a decline of 72% from the average session volume of 9,407,459 shares. The stock had previously closed at $5.26.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CIFR. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research note on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research note on Thursday, October 3rd. BTIG Research lifted their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Macquarie increased their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Stock Down 7.6 %

The company has a market cap of $1.69 billion, a P/E ratio of -37.38 and a beta of 2.29. The company’s 50-day moving average is $6.15 and its two-hundred day moving average is $4.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

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

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CIFR. JPMorgan Chase & Co. grew its position in shares of Cipher Mining by 9.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 156,385 shares of the company’s stock valued at $605,000 after acquiring an additional 13,996 shares during the period. Tidal Investments LLC increased its position in Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after buying an additional 1,584,874 shares in the last quarter. Virtu Financial LLC lifted its position in shares of Cipher Mining by 21.2% during the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after buying an additional 21,566 shares in the last quarter. Barclays PLC grew its stake in shares of Cipher Mining by 377.2% during the 3rd quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after acquiring an additional 234,366 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

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.