Cipher Mining (NASDAQ:CIFR) Shares Down 6.6% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price fell 6.6% during trading on Tuesday . The stock traded as low as $5.25 and last traded at $5.07. 1,545,092 shares changed hands during trading, a decline of 78% from the average session volume of 7,081,730 shares. The stock had previously closed at $5.43.

Analysts Set New Price Targets

A number of brokerages have recently commented on CIFR. Needham & Company LLC restated a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a report on Tuesday. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. BTIG Research boosted their price target on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Macquarie upped their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Price Performance

The firm has a 50-day moving average of $5.87 and a 200-day moving average of $4.99. 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 firm has a market capitalization of $1.92 billion, a P/E ratio of -42.54 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $25.84 million. During the same period in the previous year, the company earned ($0.07) earnings per share. As a group, analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal 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 dated 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 of the company’s stock, 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. In the last 90 days, insiders have sold 1,356,881 shares of company stock worth $8,608,389. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently made changes to their positions in CIFR. Amalgamated Bank grew its position in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares during the period. Nisa Investment Advisors LLC boosted 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 acquiring an additional 5,432 shares during the last quarter. Farther Finance Advisors LLC purchased a new position in shares of Cipher Mining during the 3rd quarter worth $33,000. KBC Group NV bought a new stake in shares of Cipher Mining during the 4th quarter valued at $46,000. Finally, Xponance Inc. purchased a new stake in shares of Cipher Mining in the 2nd quarter worth $45,000. 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.