Cipher Mining (NASDAQ:CIFR) Trading Down 5.9% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR) was down 5.9% during trading on Friday . The stock traded as low as $4.92 and last traded at $4.95. Approximately 2,647,175 shares changed hands during trading, a decline of 72% from the average daily volume of 9,407,459 shares. The stock had previously closed at $5.26.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities increased their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research note on Thursday, October 3rd. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $8.03.

Cipher Mining Trading Down 6.7 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of -37.77 and a beta of 2.29. The business has a fifty day moving average price of $6.15 and a 200 day moving average price of $4.91.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same period in the previous year, the company earned ($0.07) EPS. As a group, equities analysts forecast that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,446,623 shares of company stock valued at $9,000,561 over the last three months. 2.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently modified their holdings of CIFR. Amalgamated Bank increased its holdings in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the period. Farther Finance Advisors LLC bought a new stake in Cipher Mining during the third quarter valued at about $33,000. Xponance Inc. acquired a new stake in Cipher Mining in the 2nd quarter valued at approximately $45,000. W Advisors LLC acquired a new position in Cipher Mining during the 3rd quarter valued at $45,000. Finally, Prospect Financial Services LLC bought a new stake in shares of Cipher Mining in the third quarter valued at about $47,000. 12.26% of the stock is owned by institutional investors.

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.