Cipher Mining (NASDAQ:CIFR) Stock Price Down 9.2% - Time to Sell?

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) saw a significant stock decline of 9.2%, trading between $17.47 and $18.08, with increased trading volume at 33,712,169 shares.
• Despite the recent drop, analysts have issued a majority buy ratings for the stock, with target prices ranging from $12.00 to $25.00, indicating a mixed outlook.
• Insider selling has occurred recently, with major shareholders and the COO offloading over 22 million shares, raising concerns about possible declines in shareholder confidence.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares were down 9.2% on Tuesday . The company traded as low as $17.47 and last traded at $18.08. Approximately 33,712,169 shares traded hands during mid-day trading, an increase of 24% from the average daily volume of 27,259,621 shares. The stock had previously closed at $19.91.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CIFR shares. HC Wainwright lifted their target price on shares of Cipher Mining from $7.50 to $17.00 and gave the company a "buy" rating in a research note on Monday, September 29th. BTIG Research boosted their price objective on Cipher Mining from $9.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday, October 14th. Arete assumed coverage on Cipher Mining in a research note on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price objective for the company. Weiss Ratings reissued a "sell (d+)" rating on shares of Cipher Mining in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. upped their price target on Cipher Mining from $6.00 to $12.00 and gave the stock a "neutral" rating in a research note on Friday, September 26th. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.68.

Cipher Mining Trading Down 9.2%

The company's 50 day moving average price is $11.33 and its two-hundred day moving average price is $6.62. The firm has a market cap of $7.11 billion, a PE ratio of -42.05 and a beta of 2.87. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). The company had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 535,843 shares of the company's stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $20.32, for a total value of $10,888,329.76. Following the transaction, the insider owned 61,316,694 shares of the company's stock, valued at $1,245,955,222.08. This represents a 0.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 26,581 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $21.08, for a total value of $560,327.48. Following the completion of the sale, the chief operating officer owned 1,213,919 shares in the company, valued at approximately $25,589,412.52. The trade was a 2.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,585,388 shares of company stock valued at $288,102,231 over the last three months. 2.63% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the stock. Stoneridge Investment Partners LLC bought a new position in Cipher Mining in the first quarter worth approximately $29,000. Valeo Financial Advisors LLC purchased a new position in shares of Cipher Mining during the first quarter valued at $37,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Cipher Mining by 258.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock valued at $43,000 after acquiring an additional 6,516 shares in the last quarter. Signal Advisors Wealth LLC purchased a new stake in Cipher Mining in the second quarter worth about $48,000. Finally, Custos Family Office LLC bought a new position in Cipher Mining during the 2nd quarter worth about $48,000. Institutional investors own 12.26% of the company's stock.

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.

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