Cipher Mining (NASDAQ:CIFR) Stock Price Down 6.5% – Time to Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) fell 6.5% during mid-day trading on Thursday. The company traded as low as $13.55 and last traded at $13.6090. 11,950,808 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 29,001,818 shares. The stock had previously closed at $14.56.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CIFR shares. Morgan Stanley lifted their price objective on Cipher Mining from $43.50 to $54.00 and gave the company an “overweight” rating in a research report on Friday, September 18th. Freedom Capital raised Cipher Mining to a “hold” rating in a research report on Friday, September 18th. BTIG Research raised their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Wells Fargo & Company began coverage on Cipher Mining in a research note on Thursday, September 17th. They issued an “overweight” rating and a $25.00 price target on the stock. Finally, Keefe, Bruyette & Woods decreased their price objective on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $28.86.

Cipher Mining Stock Up 0.1%

The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. The company’s fifty day moving average price is $16.83 and its 200-day moving average price is $19.35. The stock has a market capitalization of $5.61 billion, a PE ratio of -4.73 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. The company had revenue of $24.84 million during the quarter, compared to analysts’ expectations of $31.86 million. During the same quarter in the previous year, the company earned ($0.12) EPS. Analysts forecast that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP grew its position in Cipher Mining by 567.1% during the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock valued at $97,652,000 after purchasing an additional 3,388,359 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Cipher Mining by 1.9% in the first quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after buying an additional 81,192 shares during the last quarter. Moore Capital Management LP purchased a new position in Cipher Mining in the second quarter worth about $35,077,000. Graham Capital Management L.P. purchased a new position in Cipher Mining in the fourth quarter worth about $33,329,000. Finally, Jennison Associates LLC lifted its stake in shares of Cipher Mining by 48.7% in the first quarter. Jennison Associates LLC now owns 2,519,281 shares of the company’s stock worth $32,423,000 after buying an additional 824,618 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.