Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.5% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 5.5% during trading on Monday . The company traded as low as $6.31 and last traded at $6.33. Approximately 4,449,859 shares were traded during trading, a decline of 52% from the average daily volume of 9,306,293 shares. The stock had previously closed at $6.70.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CIFR. Macquarie raised their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Compass Point boosted their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Eight equities 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, Cipher Mining currently has a consensus rating of “Buy” and an average price target of $7.72.

Cipher Mining Trading Down 5.4 %

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The business’s fifty day simple moving average is $5.29 and its two-hundred day simple moving average is $4.62. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -50.62 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same period in the previous year, the business posted ($0.07) EPS. On average, equities analysts predict that Cipher Mining Inc. will post -0.18 EPS for the current year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was 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 directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the transaction, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The trade was a 1.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,296,839 shares of company stock valued at $25,974,602. 2.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Tidal Investments LLC increased its holdings in shares of Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after purchasing an additional 1,584,874 shares during the period. Virtu Financial LLC increased its holdings in shares of Cipher Mining by 21.2% in the third quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after purchasing an additional 21,566 shares during the period. Barclays PLC increased its holdings in shares of Cipher Mining by 377.2% in the third quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after purchasing an additional 234,366 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cipher Mining by 37.8% in 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. Finally, State Street Corp lifted its holdings in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after buying an additional 1,019,949 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.