Cipher Mining (NASDAQ:CIFR) Shares Down 8.9% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR) dropped 8.9% on Tuesday . The stock traded as low as $5.26 and last traded at $5.33. Approximately 1,965,611 shares traded hands during trading, a decline of 71% from the average daily volume of 6,692,038 shares. The stock had previously closed at $5.85.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CIFR. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Keefe, Bruyette & Woods started coverage on shares of Cipher Mining in a report on Wednesday. They issued an “outperform” rating for the company. Macquarie lifted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. BTIG Research upped their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research report on Friday, November 1st. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $8.25.

Cipher Mining Trading Down 6.3 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -38.84 and a beta of 2.38. The business’s 50 day moving average price is $6.09 and its 200-day moving average price is $4.93.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. 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 prior year, the business earned ($0.07) earnings per share. Equities analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares in the company, valued at $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 1,446,623 shares of company stock valued at $9,000,561 in the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. State Street Corp increased its position in Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares during the period. Millennium Management LLC increased its holdings in shares of Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after buying an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after buying an additional 1,144,390 shares during the period. Finally, Tidal Investments LLC raised its position in shares of Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after buying an additional 1,584,874 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.