Cipher Mining (NASDAQ:CIFR) Shares Down 5.3% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s share price fell 5.3% on Friday . The company traded as low as $16.16 and last traded at $16.29. 15,578,853 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 28,145,189 shares. The stock had previously closed at $17.21.

Wall Street Analysts Forecast Growth

CIFR has been the subject of a number of research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price target on shares of Cipher Mining in a report on Wednesday, August 5th. Citigroup reiterated a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. HC Wainwright raised their price objective on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Jefferies Financial Group started coverage on Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 target price for the company. Finally, BTIG Research increased their target price on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average target price of $28.61.

Cipher Mining Stock Down 8.7%

The firm has a 50 day simple moving average of $21.71 and a two-hundred day simple moving average of $19.09. The stock has a market capitalization of $6.52 billion, a P/E ratio of -5.49 and a beta of 3.20. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same quarter in the previous year, the business posted ($0.12) EPS. On average, equities research analysts expect that Cipher Mining Inc. will post -1.37 earnings per share for the current year.

Insider Activity at Cipher Mining

In related news, CEO Tyler Page sold 112,500 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the transaction, the chief executive officer owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. This represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James E. Newsome sold 3,758 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director owned 128,530 shares of the company’s stock, valued at $3,418,898. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,131,258 shares of company stock worth $81,429,288 over the last three months. 3.09% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after buying an additional 9,865,533 shares during the last quarter. Situational Awareness LP raised its stake in shares of Cipher Mining by 82.4% during the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after acquiring an additional 4,728,600 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cipher Mining by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock valued at $120,519,000 after acquiring an additional 558,105 shares during the last quarter. State Street Corp lifted its holdings in shares of Cipher Mining by 10.2% during the fourth quarter. State Street Corp now owns 8,078,423 shares of the company’s stock worth $119,238,000 after purchasing an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC lifted its holdings in shares of Cipher Mining by 45.9% during the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock worth $109,925,000 after purchasing an additional 2,342,958 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Company Profile

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.