Cipher Mining (NASDAQ:CIFR) Stock Price Down 4.7% - Here's What Happened

Key Points

• Cipher Mining (NASDAQ:CIFR) shares fell 4.7% to $17.16 on Thursday, with about 2.30 million shares traded mid-day — reportedly a ~92% decline versus its average daily volume of 28.13 million shares.
• Analyst coverage is mixed but tilted positive: 14 Buys, 2 Holds and 1 Sell yield a consensus rating of Moderate Buy and an average price target of $24.82.
• Company insiders have been selling recently — CEO Tyler Page sold 37,500 shares and a director sold 45,161 shares, with insiders offloading 148,229 shares (~$2.28M) in the last three months while retaining about 2.63% ownership.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) dropped 4.7% on Thursday . The company traded as low as $17.20 and last traded at $17.16. Approximately 2,295,597 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 28,125,770 shares. The stock had previously closed at $18.00.

Wall Street Analysts Forecast Growth

CIFR has been the subject of a number of analyst reports. Zacks Research raised Cipher Mining from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cipher Mining in a report on Friday, March 27th. Keefe, Bruyette & Woods reduced their target price on Cipher Mining from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Wednesday, March 11th. Wall Street Zen cut Cipher Mining from a "hold" rating to a "strong sell" rating in a report on Sunday, March 1st. Finally, Rosenblatt Securities reissued a "buy" rating and set a $24.00 target price on shares of Cipher Mining in a report on Thursday, March 26th. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.82.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 3.37, a current ratio of 3.79 and a quick ratio of 3.79. The stock has a market cap of $7.10 billion, a price-to-earnings ratio of -8.11 and a beta of 3.01. The firm has a fifty day moving average of $15.10 and a 200 day moving average of $16.61.

Insider Buying and Selling

In related news, CEO Tyler Page sold 37,500 shares of the stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total value of $604,125.00. Following the completion of the sale, the chief executive officer owned 8,263,862 shares of the company's stock, valued at approximately $133,130,816.82. This trade represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James E. Newsome sold 45,161 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total value of $710,834.14. Following the completion of the sale, the director directly owned 127,331 shares of the company's stock, valued at approximately $2,004,189.94. This represents a 26.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 148,229 shares of company stock worth $2,283,968 in the last three months. Company insiders own 2.63% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Thames Capital Management LLC purchased a new position in Cipher Mining in the third quarter worth approximately $19,070,000. Vanguard Group Inc. grew its position in Cipher Mining by 13.4% in the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company's stock worth $287,236,000 after acquiring an additional 2,699,717 shares during the period. American Century Companies Inc. grew its position in Cipher Mining by 138.2% in the third quarter. American Century Companies Inc. now owns 1,406,864 shares of the company's stock worth $17,712,000 after acquiring an additional 816,198 shares during the period. Private Advisor Group LLC grew its position in Cipher Mining by 15.7% in the third quarter. Private Advisor Group LLC now owns 1,789,462 shares of the company's stock worth $22,529,000 after acquiring an additional 242,894 shares during the period. Finally, Regal Partners Ltd purchased a new position in Cipher Mining in the third quarter worth approximately $3,009,000. Institutional investors and hedge funds own 12.26% of the company's stock.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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