Cipher Mining (NASDAQ:CIFR) Trading Down 5.7% - Here's What Happened

Key Points

• Cipher Mining's share price fell by 5.7% during mid-day trading, reaching $16.97, after closing previously at $17.99 and witnessing an increase in trading volume.
• Several analysts upgraded their ratings and price targets for Cipher Mining, with a consensus rating of "Moderate Buy" and an average target price of $15.23.
• A major shareholder sold over 3.5 million shares recently, reducing their position by 4.68%, and insiders have sold nearly 19.3 million shares in the last ninety days.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price was down 5.7% during mid-day trading on Friday . The stock traded as low as $16.81 and last traded at $16.97. Approximately 69,003,653 shares were traded during mid-day trading, an increase of 162% from the average daily volume of 26,369,238 shares. The stock had previously closed at $17.99.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CIFR shares. Needham & Company LLC raised their target price on shares of Cipher Mining from $10.00 to $15.00 and gave the stock a "buy" rating in a report on Tuesday, September 30th. JPMorgan Chase & Co. raised their target price on shares of Cipher Mining from $6.00 to $12.00 and gave the stock a "neutral" rating in a report on Friday, September 26th. Arete started coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price target on the stock. Northland Securities set a $14.50 price target on shares of Cipher Mining in a report on Monday, September 29th. Finally, Canaccord Genuity Group lifted their price target on shares of Cipher Mining from $12.00 to $16.00 and gave the company a "buy" rating in a report on Monday, September 29th. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.23.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The firm has a market cap of $6.67 billion, a PE ratio of -39.47 and a beta of 2.87. The firm has a 50-day simple moving average of $9.29 and a 200 day simple moving average of $5.74.

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

Insider Activity

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of Cipher Mining 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 transaction, the insider 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 19,268,264 shares of company stock valued at $200,506,491. 2.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently modified their holdings of CIFR. Millennium Management LLC purchased a new position in Cipher Mining in the 1st quarter worth about $9,316,000. Alyeska Investment Group L.P. purchased a new position in Cipher Mining in the 1st quarter worth about $7,094,000. Helix Partners Management LP raised its position in Cipher Mining by 95.8% in the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after buying an additional 2,153,058 shares during the last quarter. JPMorgan Chase & Co. raised its position in Cipher Mining by 996.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock worth $10,645,000 after buying an additional 2,023,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after buying an additional 1,610,073 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company's stock.

Cipher Mining Company Profile

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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