Cipher Mining (NASDAQ:CIFR) Trading Down 7.4% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR) shares dropped 7.4% during mid-day trading on Thursday . The stock traded as low as $4.82 and last traded at $4.89. Approximately 1,300,580 shares traded hands during trading, a decline of 86% from the average daily volume of 9,056,740 shares. The stock had previously closed at $5.28.

Analyst Upgrades and Downgrades

CIFR has been the subject of a number of research reports. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday. Macquarie assumed coverage on shares of Cipher Mining in a research report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 target price for the company. Compass Point raised their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $7.36.

Cipher Mining Stock Up 6.5 %

The firm’s 50-day moving average is $3.96 and its 200 day moving average is $4.26. The firm has a market capitalization of $1.76 billion, a P/E ratio of 87.51 and a beta of 2.25. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter in the previous year, the business posted ($0.05) EPS. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.06 EPS for the current fiscal year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the sale, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,943,078 shares of company stock worth $23,609,769 in the last quarter. Corporate insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Amalgamated Bank raised its stake in 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 acquiring an additional 4,557 shares during the period. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining during the 3rd quarter worth about $33,000. Janney Montgomery Scott LLC acquired a new position in Cipher Mining in the 1st quarter valued at about $52,000. Xponance Inc. bought a new position in Cipher Mining in the 2nd quarter valued at about $45,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Cipher Mining during the first quarter worth approximately $59,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.