Cipher Mining (NASDAQ:CIFR) Stock Price Down 3% After Analyst Downgrade

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price fell 3% during trading on Tuesday after Cantor Fitzgerald lowered their price target on the stock from $11.00 to $10.00. Cantor Fitzgerald currently has an overweight rating on the stock. Cipher Mining traded as low as $5.70 and last traded at $5.65. 913,514 shares were traded during mid-day trading, a decline of 92% from the average session volume of 12,056,412 shares. The stock had previously closed at $5.82.

A number of other brokerages also recently issued reports on CIFR. Northland Securities raised their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. BTIG Research lifted their price target on shares of 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 issued a $7.50 price objective on shares of Cipher Mining in a report on Friday, January 31st. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Finally, Keefe, Bruyette & Woods began coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Buy” and an average target price of $8.14.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s 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 sale, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 356,281 shares of company stock valued at $2,384,189. 2.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of CIFR. Bank of New York Mellon Corp boosted its holdings in Cipher Mining by 19.8% in the fourth quarter. Bank of New York Mellon Corp now owns 596,507 shares of the company’s stock valued at $2,768,000 after purchasing an additional 98,382 shares in the last quarter. Navellier & Associates Inc. lifted its position in shares of Cipher Mining by 11.6% during the 4th quarter. Navellier & Associates Inc. now owns 36,274 shares of the company’s stock worth $168,000 after buying an additional 3,756 shares during the last quarter. Matauro LLC purchased a new stake in shares of Cipher Mining during the 4th quarter worth approximately $154,000. Private Advisor Group LLC boosted its holdings in shares of Cipher Mining by 90.4% in the 4th quarter. Private Advisor Group LLC now owns 200,940 shares of the company’s stock valued at $932,000 after buying an additional 95,400 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Cipher Mining by 70.8% in the 4th quarter. New York State Common Retirement Fund now owns 55,982 shares of the company’s stock valued at $260,000 after buying an additional 23,200 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Price Performance

The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of -44.69 and a beta of 2.40. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $5.65 and its 200 day moving average is $4.97.

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.