Cipher Mining (NASDAQ:CIFR) Shares Down 6.5%

Cipher Mining Inc. (NASDAQ:CIFR)’s share price fell 6.5% during mid-day trading on Tuesday . The company traded as low as $4.32 and last traded at $4.32. 3,766,649 shares traded hands during trading, a decline of 57% from the average session volume of 8,729,453 shares. The stock had previously closed at $4.62.

Analysts Set New Price Targets

A number of research firms have issued reports on CIFR. Canaccord Genuity Group reissued a “buy” rating and set a $6.00 target price (up from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. Needham & Company LLC restated a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a research report on Friday, June 7th. HC Wainwright boosted their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Finally, Cantor Fitzgerald assumed coverage on shares of Cipher Mining in a research report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and an average price target of $6.25.

Cipher Mining Price Performance

The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02. The business’s fifty day moving average is $4.25 and its 200 day moving average is $3.90. The firm has a market capitalization of $1.35 billion, a P/E ratio of 72.68 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 7th. The company reported $0.13 EPS for the quarter. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. The business had revenue of $48.14 million for the quarter, compared to the consensus estimate of $50.05 million.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 394,357 shares of Cipher Mining stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $5.54, for a total value of $2,184,737.78. Following the transaction, the insider now directly owns 113,271,323 shares of the company’s stock, valued at $627,523,129.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 4,692,735 shares of company stock valued at $20,486,934 over the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new position in shares of Cipher Mining in the first quarter worth approximately $52,000. Sloy Dahl & Holst LLC purchased a new position in Cipher Mining during the fourth quarter valued at approximately $44,000. Price T Rowe Associates Inc. MD purchased a new position in Cipher Mining during the first quarter valued at approximately $59,000. Wolverine Asset Management LLC purchased a new position in Cipher Mining during the fourth quarter valued at approximately $49,000. Finally, Bellecapital International Ltd. purchased a new position in Cipher Mining during the fourth quarter valued at approximately $51,000. 12.26% of the stock is owned by hedge funds and other 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.