Cipher Mining (NASDAQ:CIFR) Shares Down 5.5%

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was down 5.5% during trading on Monday . The stock traded as low as $2.86 and last traded at $2.92. Approximately 1,051,960 shares traded hands during trading, a decline of 88% from the average daily volume of 8,772,435 shares. The stock had previously closed at $3.09.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of research reports. Compass Point upped their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. HC Wainwright raised their price target on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Tuesday, September 3rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Thursday, August 29th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and an average target price of $7.70.

Cipher Mining Stock Performance

The company has a market cap of $920.79 million, a price-to-earnings ratio of 48.33 and a beta of 2.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The firm has a fifty day simple moving average of $4.35 and a 200 day simple moving average of $4.21.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter in the previous year, the firm earned ($0.05) EPS. On average, sell-side analysts expect that Cipher Mining Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the sale, the insider now owns 107,748,228 shares in the company, valued at $325,399,648.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders sold 8,108,357 shares of company stock valued at $28,338,868. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Vanguard Group Inc. grew its holdings in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares in the last quarter. Millennium Management LLC boosted its stake in Cipher Mining by 122.8% during the second 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 in the last quarter. Van ECK Associates Corp increased its holdings in Cipher Mining by 0.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock valued at $11,437,000 after buying an additional 22,086 shares during the period. First Financial Bankshares Inc bought a new stake in Cipher Mining in the 4th quarter valued at $9,901,000. Finally, Vident Advisory LLC raised its stake in shares of Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after buying an additional 1,090,811 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.