Cipher Mining (NASDAQ:CIFR) Trading Down 18.1% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price fell 18.1% during mid-day trading on Monday . The company traded as low as $5.00 and last traded at $4.83. 3,242,219 shares changed hands during trading, a decline of 61% from the average session volume of 8,311,548 shares. The stock had previously closed at $5.90.

Analysts Set New Price Targets

Several brokerages have weighed in on CIFR. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. BTIG Research raised their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Macquarie upped their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Northland Securities lifted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Trading Down 0.4 %

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 stock has a 50 day moving average price of $5.76 and a 200 day moving average price of $5.01.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the previous year, the firm earned ($0.07) earnings per share. Equities analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity

In other 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 transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 356,881 shares of company stock valued at $2,388,389. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Apollon Wealth Management LLC bought a new stake in Cipher Mining in the 4th quarter worth about $49,000. Tobam boosted its stake in shares of Cipher Mining by 22.7% in the 4th quarter. Tobam now owns 18,023 shares of the company’s stock worth $84,000 after buying an additional 3,336 shares during the last quarter. TRU Independence Asset Management 2 LLC grew its holdings in shares of Cipher Mining by 66.9% in the fourth quarter. TRU Independence Asset Management 2 LLC now owns 56,760 shares of the company’s stock valued at $263,000 after acquiring an additional 22,760 shares in the last quarter. Mariner Investment Group LLC purchased a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $232,000. Finally, KBC Group NV bought a new stake in Cipher Mining during the fourth quarter worth $46,000. 12.26% of the stock is 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.