Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.3% - Here's What Happened

Key Points

• Cipher Mining shares fell 5.3% to $16.29 in mid-day trading, with volume of about 15.6 million shares—45% below the average daily volume.
• Recent quarterly results missed expectations: the company reported an adjusted loss of $0.65 per share versus the anticipated $0.25 loss, while revenue of $24.84 million came in below the $31.86 million consensus estimate.
• Despite the decline, analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $28.61. However, insiders have sold 3.13 million shares worth approximately $81.4 million over the past 90 days.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) dropped 5.3% during mid-day trading on Friday . The company traded as low as $16.16 and last traded at $16.29. Approximately 15,578,853 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 28,145,189 shares. The stock had previously closed at $17.21.

Analysts Set New Price Targets

CIFR has been the topic of a number of recent research reports. Rosenblatt Securities restated a "buy" rating and set a $30.00 price target on shares of Cipher Mining in a report on Wednesday, August 5th. Keefe, Bruyette & Woods lowered their target price on shares of Cipher Mining from $32.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Morgan Stanley set a $43.50 target price on Cipher Mining in a report on Thursday, August 6th. Chardan Capital reiterated a "buy" rating and set a $32.00 price target on shares of Cipher Mining in a research note on Tuesday, August 4th. Finally, Needham & Company LLC raised their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Cipher Mining has an average rating of "Moderate Buy" and an average price target of $28.61.

Cipher Mining Price Performance

The company has a market capitalization of $6.52 billion, a P/E ratio of -5.49 and a beta of 3.20. The stock's fifty day simple moving average is $21.71 and its 200-day simple moving average is $19.09. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. During the same quarter in the previous year, the company earned ($0.12) EPS. On average, equities analysts forecast that Cipher Mining Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other news, Director Cary M. Grossman sold 15,000 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the transaction, the director owned 143,829 shares of the company's stock, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total transaction of $47,916,000.00. Following the completion of the sale, the insider owned 59,516,694 shares of the company's stock, valued at approximately $1,584,334,394.28. The trade was a 2.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,131,258 shares of company stock valued at $81,429,288 in the last 90 days. 3.09% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Several institutional investors have recently modified their holdings of CIFR. Headlands Technologies LLC acquired a new position in shares of Cipher Mining in the 2nd quarter valued at $297,000. Ancora Advisors LLC acquired a new stake in shares of Cipher Mining in the second quarter valued at approximately $49,000. Moore Capital Management LP acquired a new position in Cipher Mining during the 2nd quarter valued at about $35,077,000. Navellier & Associates Inc. boosted its holdings in Cipher Mining by 3.7% during the second quarter. Navellier & Associates Inc. now owns 25,230 shares of the company's stock worth $618,000 after buying an additional 901 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Cipher Mining by 567.1% during the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock worth $97,652,000 after acquiring an additional 3,388,359 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Company Profile

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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