Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.2% – Here’s Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR) fell 5.2% during trading on Friday . The company traded as low as $15.51 and last traded at $15.3750. 2,648,875 shares traded hands during trading, a decline of 91% from the average session volume of 30,073,494 shares. The stock had previously closed at $16.22.

Analyst Upgrades and Downgrades

CIFR has been the topic of several analyst reports. Compass Point started coverage on shares of Cipher Mining in a research report on Monday, September 15th. They issued a “buy” rating on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cipher Mining in a research report on Monday, December 15th. Canaccord Genuity Group restated a “buy” rating and issued a $27.00 target price on shares of Cipher Mining in a report on Monday, December 15th. Rosenblatt Securities raised their target price on Cipher Mining to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, Macquarie upped their price target on Cipher Mining from $16.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Thirteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Moderate Buy” and an average price target of $24.73.

Cipher Mining Stock Performance

The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $6.00 billion, a PE ratio of -84.39 and a beta of 2.91. The firm’s fifty day moving average price is $17.92 and its 200 day moving average price is $11.69.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%.The business had revenue of $106.69 million during the quarter, compared to analyst estimates of $79.13 million. On average, research analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In related news, Director Holly Morrow Evans sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $18.74, for a total value of $281,100.00. Following the completion of the sale, the director owned 195,512 shares of the company’s stock, valued at approximately $3,663,894.88. The trade was a 7.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James E. Newsome sold 21,821 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $16.03, for a total transaction of $349,790.63. Following the transaction, the director directly owned 172,492 shares in the company, valued at approximately $2,765,046.76. The trade was a 11.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 6,970,973 shares of company stock worth $127,044,253 over the last quarter. Insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Sherman Asset Management Inc. bought a new stake in Cipher Mining in the third quarter worth $25,000. Hollencrest Capital Management acquired a new stake in shares of Cipher Mining in the third quarter worth about $31,000. Peterson Wealth Services bought a new stake in shares of Cipher Mining during the 3rd quarter worth about $41,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Cipher Mining by 258.1% during the 2nd 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 during the last quarter. Finally, Custos Family Office LLC bought a new position in shares of Cipher Mining in the 2nd quarter valued at approximately $48,000. Institutional investors 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.