Cipher Mining (NASDAQ:CIFR) Stock Price Down 9% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 9% on Monday . The company traded as low as $25.46 and last traded at $23.5960. 2,898,172 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 27,167,688 shares. The stock had previously closed at $25.94.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CIFR shares. Needham & Company LLC increased their target price on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Zacks Research upgraded Cipher Mining from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 25th. Jefferies Financial Group began coverage on Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target for the company. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 price objective on shares of Cipher Mining in a report on Thursday. Finally, BTIG Research boosted their price objective on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.31.

Cipher Mining Trading Down 2.3%

The company’s fifty day simple moving average is $22.39 and its 200-day simple moving average is $18.15. The firm has a market capitalization of $10.37 billion, a PE ratio of -10.84 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The company had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. The business’s revenue was down 28.8% on a year-over-year basis. As a group, sell-side analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 1,200,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $25.49, for a total value of $30,588,000.00. Following the sale, the insider directly owned 58,316,694 shares of the company’s stock, valued at $1,486,492,530.06. The trade was a 2.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cary M. Grossman sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the sale, the director owned 143,829 shares of the company’s stock, valued at $4,232,887.47. The trade was a 9.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 3,132,836 shares of company stock worth $81,420,063 in the last quarter. Corporate insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC lifted its stake in shares of Cipher Mining by 16.6% in the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after buying an additional 95,686 shares in the last quarter. American Century Companies Inc. grew its stake in Cipher Mining by 138.2% during the 3rd quarter. American Century Companies Inc. now owns 1,406,864 shares of the company’s stock valued at $17,712,000 after acquiring an additional 816,198 shares in the last quarter. Foundations Investment Advisors LLC acquired a new stake in Cipher Mining in the 4th quarter valued at about $667,000. Tyche Wealth Partners LLC lifted its stake in Cipher Mining by 119.0% in the 4th quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company’s stock worth $1,697,000 after purchasing an additional 62,500 shares in the last quarter. Finally, Purpose Unlimited Inc. purchased a new position in Cipher Mining in the 4th quarter worth approximately $1,558,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.