Cipher Mining (NASDAQ:CIFR) Stock Price Down 6.9% - Here's Why

Key Points

• Cipher Mining shares were down 6.9% on Wednesday, last trading around $17.38 after hitting $16.96, on roughly 34.99 million shares—about 21% above average volume.
• Analysts remain mostly bullish: the stock has a Moderate Buy consensus with a consensus price target of $23.77, and several firms have raised targets as high as $30.
• Operationally mixed—Cipher beat EPS (‑$0.01 vs. ‑$0.08 expected) but missed revenue, reports negative margins and ROE, and has seen substantial insider selling (3.5M shares by a major holder and 20.82M shares sold in the last three months).

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price was down 6.9% during trading on Wednesday . The stock traded as low as $16.96 and last traded at $17.38. Approximately 34,988,003 shares were traded during mid-day trading, an increase of 21% from the average daily volume of 28,990,348 shares. The stock had previously closed at $18.67.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CIFR. BTIG Research restated a "buy" rating and set a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, November 5th. Arete began coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a "buy" rating and a $24.00 price target on the stock. Wall Street Zen upgraded Cipher Mining from a "sell" rating to a "hold" rating in a report on Saturday. HC Wainwright lifted their price objective on shares of Cipher Mining to $30.00 and gave the company a "buy" rating in a research note on Monday, November 3rd. Finally, Needham & Company LLC upped their target price on shares of Cipher Mining from $15.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, November 4th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cipher Mining presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.77.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49. The company has a market capitalization of $6.87 billion, a PE ratio of -96.56 and a beta of 2.91. The company has a 50 day moving average price of $15.90 and a 200 day moving average price of $8.69.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.07. The firm had revenue of $71.71 million for the quarter, compared to analysts' expectations of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. Equities analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business's stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the sale, the insider directly owned 71,437,719 shares of the company's stock, valued at $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 20,822,449 shares of company stock valued at $279,929,441 in the last three months. 2.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Cipher Mining by 13.4% during the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company's stock worth $287,236,000 after purchasing an additional 2,699,717 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cipher Mining by 18.1% during the second quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company's stock valued at $34,621,000 after purchasing an additional 1,108,850 shares in the last quarter. Tidal Investments LLC lifted its holdings in Cipher Mining by 28.3% in the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock worth $33,386,000 after purchasing an additional 1,541,138 shares during the period. Vident Advisory LLC grew its position in Cipher Mining by 11.9% in the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock valued at $10,934,000 after buying an additional 503,694 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after buying an additional 1,610,073 shares during the period. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.