Cipher Mining (NASDAQ:CIFR) Stock Falls 8.2% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 8.2% during mid-day trading on Friday. The company traded as low as $6.59 and last traded at $6.5670. 4,939,037 shares traded hands during trading, a decline of 85% from the average session volume of 32,335,393 shares. The stock had previously closed at $7.15.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of recent research reports. Wells Fargo & Company lowered their target price on Cipher Mining from $25.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 3rd. Chardan Capital reissued a “buy” rating and set a $32.00 price target on shares of Cipher Mining in a report on Tuesday, August 4th. Rosenblatt Securities reduced their price target on Cipher Mining from $30.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, November 3rd. Freedom Capital raised Cipher Mining to a “hold” rating in a report on Friday, September 18th. Finally, Keefe, Bruyette & Woods cut Cipher Mining from an “outperform” rating to a “market perform” rating and set a $9.50 price objective on the stock. in a research report on Wednesday, November 4th. Fifteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $21.38.

Cipher Mining Trading Down 6.0%

The company has a debt-to-equity ratio of 9.10, a quick ratio of 1.69 and a current ratio of 1.69. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of -2.19 and a beta of 3.53. The firm has a fifty day moving average price of $12.58 and a 200-day moving average price of $17.26.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Monday, November 2nd. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03. Cipher Mining had a negative return on equity of 161.74% and a negative net margin of 742.33%. The business had revenue of $26.70 million during the quarter, compared to the consensus estimate of $39.31 million. During the same quarter in the previous year, the firm earned $0.10 earnings per share. Cipher Mining’s revenue for the quarter was down 62.8% compared to the same quarter last year. As a group, equities analysts anticipate that Cipher Mining Inc. will post -0.97 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently made changes to their positions in CIFR. AlphaGrep UK Ltd raised its holdings in shares of Cipher Mining by 125.5% in the 3rd quarter. AlphaGrep UK Ltd now owns 23,174 shares of the company’s stock worth $367,000 after purchasing an additional 12,899 shares during the period. First Trust Advisors LP grew its position in Cipher Mining by 10.9% during the third quarter. First Trust Advisors LP now owns 529,746 shares of the company’s stock worth $8,383,000 after buying an additional 52,136 shares in the last quarter. Hill Investment Group Partners LLC purchased a new position in shares of Cipher Mining during the third quarter worth about $345,000. Cibc World Market Inc. bought a new position in shares of Cipher Mining in the third quarter worth approximately $591,000. Finally, HighTower Advisors LLC lifted its position in Cipher Mining by 14.0% in the 3rd quarter. HighTower Advisors LLC now owns 671,311 shares of the company’s stock worth $10,623,000 after buying an additional 82,644 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Company Profile

Cipher Mining Inc. is a U.S.-based bitcoin mining company that develops and operates data centers designed to support large-scale mining operations. Its facilities house specialized computing equipment that helps process transactions and secure the Bitcoin network. The company’s operations and development activities are concentrated in the United States, including sites in Texas. Its work includes building and managing mining infrastructure and sourcing the energy and equipment needed to run its facilities.