Cipher Mining (NASDAQ:CIFR) Stock Price Down 8.9% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 8.9% during trading on Tuesday . The company traded as low as $5.26 and last traded at $5.33. 1,965,611 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 6,692,038 shares. The stock had previously closed at $5.85.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CIFR shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 target price on shares of Cipher Mining in a research report on Tuesday. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Finally, BTIG Research upped their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -38.84 and a beta of 2.38. The stock has a fifty day moving average of $6.09 and a 200 day moving average of $4.93.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate 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 last year, the business earned ($0.07) earnings per share. On average, analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The shares were 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 owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The sale 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 300,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,446,623 shares of company stock worth $9,000,561 in the last three months. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

A number of institutional investors have recently made changes to their positions in CIFR. Millennium Management LLC boosted its position 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 acquiring an additional 2,938,184 shares during the last quarter. Tidal Investments LLC boosted its stake in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after buying an additional 1,584,874 shares during the last quarter. Geode Capital Management LLC grew its holdings in 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 in the last quarter. Van ECK Associates Corp increased its stake in shares of Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in shares of Cipher Mining during the 3rd quarter worth $4,029,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.