Cipher Mining (NASDAQ:CIFR) Stock Price Down 18.1% – Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Northland Securities boosted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Macquarie boosted their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a report on Tuesday, December 10th. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Tuesday, January 21st. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $8.25.

Cipher Mining Trading Down 24.8 %

The business has a 50 day simple moving average of $5.84 and a two-hundred day simple moving average of $5.01. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -34.22 and a beta of 2.38. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last announced 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 firm had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same quarter last year, the business earned ($0.07) earnings per share. As a group, equities analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’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 transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred 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 sale, the chief operating officer now owns 664,270 shares in the company, 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 have sold 356,881 shares of company stock worth $2,388,389 in the last three months. 2.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently bought and sold shares of the business. Amalgamated Bank increased its position 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 buying an additional 4,557 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in Cipher Mining during the third quarter worth approximately $33,000. KBC Group NV bought a new stake in Cipher Mining in the 4th quarter valued at $46,000. Finally, Xponance Inc. bought a new position in shares of Cipher Mining in the second quarter valued at about $45,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.