Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) dropped 6.7% during mid-day trading on Wednesday . The stock traded as low as $6.48 and last traded at $6.47. Approximately 3,258,793 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 15,932,428 shares. The stock had previously closed at $6.94.
Wall Street Analysts Forecast Growth
CIFR has been the topic of several research reports. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. Jones Trading upgraded shares of Cipher Mining to a "hold" rating in a research report on Monday, July 21st. Rosenblatt Securities reiterated a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a research report on Wednesday, May 7th. Canaccord Genuity Group reiterated a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Thursday, May 8th. Finally, Cantor Fitzgerald lifted their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research report on Thursday, June 5th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Cipher Mining currently has an average rating of "Buy" and an average target price of $7.63.
Check Out Our Latest Report on CIFR
Cipher Mining Stock Performance
The firm's fifty day moving average price is $4.66 and its 200 day moving average price is $4.13. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.17 billion, a PE ratio of -17.97 and a beta of 2.72.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The business had revenue of $48.96 million for the quarter, compared to analysts' expectations of $53.57 million. On average, research analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.
Insider Buying and Selling at Cipher Mining
In related news, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $6.06, for a total value of $1,752,218.70. Following the completion of the sale, the insider owned 93,378,292 shares of the company's stock, valued at approximately $565,872,449.52. The trade was a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holding Ltd V3 sold 500,000 shares of Cipher Mining stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $6.55, for a total transaction of $3,275,000.00. Following the completion of the sale, the insider directly owned 92,878,292 shares of the company's stock, valued at approximately $608,352,812.60. The trade was a 0.54% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,878,290 shares of company stock valued at $23,349,097. 2.89% of the stock is owned by company insiders.
Institutional Investors Weigh In On Cipher Mining
Several institutional investors and hedge funds have recently modified their holdings of CIFR. HighTower Advisors LLC acquired a new position in Cipher Mining during the 4th quarter worth $84,000. Xponance Inc. lifted its position in Cipher Mining by 17.8% during the 4th quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after acquiring an additional 2,140 shares during the last quarter. American Century Companies Inc. lifted its position in Cipher Mining by 61.9% during the 4th quarter. American Century Companies Inc. now owns 455,041 shares of the company's stock worth $2,111,000 after acquiring an additional 173,906 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Cipher Mining during the 4th quarter worth $221,000. Finally, Vanguard Group Inc. lifted its position in Cipher Mining by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock worth $84,318,000 after acquiring an additional 1,189,756 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.
About Cipher Mining
(
Get Free Report)
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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