Cipher Mining (NASDAQ:CIFR) Shares Down 5.2% – Here’s What Happened
by Jessica Moore · The Cerbat GemShares of Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) were down 5.2% during mid-day trading on Friday . The company traded as low as $15.51 and last traded at $15.3750. Approximately 2,648,875 shares traded hands during trading, a decline of 91% from the average daily volume of 30,073,494 shares. The stock had previously closed at $16.22.
Analyst Ratings Changes
CIFR has been the subject of several research analyst reports. Wall Street Zen raised Cipher Mining from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. JMP Securities set a $30.00 target price on Cipher Mining in a report on Wednesday, November 19th. HC Wainwright raised their price target on Cipher Mining to $30.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $12.00 to $18.00 in a research note on Monday, November 24th. Finally, Macquarie lifted their target price on shares of Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $24.73.
View Our Latest Stock Analysis on CIFR
Cipher Mining Price Performance
The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of -86.88 and a beta of 2.91. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31. The company’s 50 day simple moving average is $17.99 and its 200-day simple moving average is $11.56.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The business had revenue of $106.69 million during the quarter, compared to analyst estimates of $79.13 million. On average, equities research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Director Wesley Hastie Williams sold 49,867 shares of the stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $16.08, for a total transaction of $801,861.36. Following the transaction, the director directly owned 158,145 shares in the company, valued at approximately $2,542,971.60. This represents a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Holding Ltd V3 sold 2,167,684 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $21.06, for a total value of $45,651,425.04. Following the completion of the sale, the insider directly owned 61,852,537 shares in the company, valued at approximately $1,302,614,429.22. The trade was a 3.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 6,970,973 shares of company stock worth $127,044,253. 2.63% of the stock is owned by company insiders.
Institutional Investors Weigh In On Cipher Mining
Hedge funds have recently modified their holdings of the stock. Sherman Asset Management Inc. acquired a new position in shares of Cipher Mining in the 3rd quarter valued at $25,000. Hollencrest Capital Management acquired a new position in shares of Cipher Mining in the 3rd quarter valued at about $31,000. Peterson Wealth Services purchased a new stake in shares of Cipher Mining during the 3rd quarter worth about $41,000. Steward Partners Investment Advisory LLC increased its position in Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after purchasing an additional 6,516 shares in the last quarter. Finally, Signal Advisors Wealth LLC purchased a new position in Cipher Mining in the second quarter valued at approximately $48,000. 12.26% of the stock is owned by institutional investors and hedge funds.
About Cipher Mining
Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.
Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.