Cipher Mining (NASDAQ:CIFR) Stock Price Down 5.1% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR) shares traded down 5.1% during mid-day trading on Wednesday . The stock traded as low as $3.76 and last traded at $3.76. 4,600,458 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 9,000,829 shares. The stock had previously closed at $3.96.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CIFR shares. Northland Securities started coverage on Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective on the stock. Macquarie initiated coverage on Cipher Mining in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 price objective for the company. Compass Point raised their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $7.21.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The company has a market capitalization of $1.17 billion, a PE ratio of 62.83 and a beta of 2.25. The stock has a 50 day moving average price of $3.66 and a two-hundred day moving average price of $4.21.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same period in the prior year, the company posted ($0.05) earnings per share. Equities analysts forecast that Cipher Mining Inc. will post -0.05 earnings per share for the current year.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $6.23, for a total value of $3,798,082.12. Following the sale, the insider now owns 109,911,187 shares in the company, valued at $684,746,695.01. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now owns 619,148 shares in the company, valued at approximately $2,439,443.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the sale, the insider now directly owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,462,980 shares of company stock worth $20,795,679. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the business. Tobam bought a new position in shares of Cipher Mining in the third quarter worth $57,000. Duncan Williams Asset Management LLC bought a new position in shares of Cipher Mining during the third quarter valued at approximately $553,000. SG Americas Securities LLC bought a new position in Cipher Mining in the third quarter worth about $49,000. Senator Investment Group LP purchased a new stake in shares of Cipher Mining in the 2nd quarter worth about $1,190,000. Finally, Algert Global LLC bought a new position in Cipher Mining during the 2nd quarter valued at approximately $75,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.