Cipher Mining (NASDAQ:CIFR) Shares Down 11% - Here's Why

Key Points

• Shares of Cipher Mining Inc. (NASDAQ:CIFR) fell 11% during mid-day trading, decreasing from a previous close of $21.03 to last trading at $18.72.
• Investment analysts show a positive outlook for Cipher Mining, with twelve analysts rating it as a Buy and a consensus target price of $17.68.
• Insider trading activity included a significant sale of 3.5 million shares by a major shareholder, reducing their ownership by 4.68% but maintaining a substantial stake worth approximately $883 million.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) traded down 11% during mid-day trading on Thursday . The company traded as low as $18.51 and last traded at $18.72. 48,641,652 shares traded hands during mid-day trading, an increase of 80% from the average session volume of 27,037,104 shares. The stock had previously closed at $21.03.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of recent research reports. Needham & Company LLC raised their price target on shares of Cipher Mining from $10.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, September 30th. Compass Point initiated coverage on shares of Cipher Mining in a report on Monday, September 15th. They set a "buy" rating on the stock. BTIG Research raised their price target on shares of Cipher Mining from $9.00 to $25.00 and gave the company a "buy" rating in a report on Tuesday. Weiss Ratings restated a "sell (d+)" rating on shares of Cipher Mining in a report on Tuesday. Finally, JPMorgan Chase & Co. raised their price target on shares of Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a report on Friday, September 26th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $17.68.

Cipher Mining Stock Down 11.0%

The business's 50 day moving average is $10.47 and its 200-day moving average is $6.21. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The firm has a market capitalization of $7.36 billion, a price-to-earnings ratio of -43.53 and a beta of 2.87.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The business had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Equities analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the firm's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total value of $43,316,114.40. Following the transaction, the insider directly owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This trade represents a 4.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders have sold 18,022,964 shares of company stock valued at $192,926,623. Company insiders own 2.63% of the company's stock.

Institutional Trading of Cipher Mining

Several hedge funds and other institutional investors have recently bought and sold shares of CIFR. Rhumbline Advisers grew its position in Cipher Mining by 2.3% in the 1st quarter. Rhumbline Advisers now owns 276,376 shares of the company's stock worth $636,000 after purchasing an additional 6,270 shares during the last quarter. Farther Finance Advisors LLC grew its position in Cipher Mining by 72.3% in the 1st quarter. Farther Finance Advisors LLC now owns 41,920 shares of the company's stock worth $103,000 after purchasing an additional 17,586 shares during the last quarter. FNY Investment Advisers LLC grew its position in Cipher Mining by 42.9% in the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after purchasing an additional 4,800 shares during the last quarter. Duncan Williams Asset Management LLC grew its position in Cipher Mining by 3.2% in the 1st quarter. Duncan Williams Asset Management LLC now owns 141,434 shares of the company's stock worth $325,000 after purchasing an additional 4,434 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in Cipher Mining by 27.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 79,369 shares of the company's stock worth $183,000 after purchasing an additional 17,319 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.

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