Cipher Mining (NASDAQ:CIFR) Trading Down 4.8% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) was down 4.8% on Thursday . The company traded as low as $17.58 and last traded at $17.2530. Approximately 3,163,987 shares changed hands during trading, a decline of 86% from the average daily volume of 22,779,596 shares. The stock had previously closed at $18.13.

Analysts Set New Price Targets

Several analysts recently weighed in on CIFR shares. Rosenblatt Securities upped their price target on Cipher Mining to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. JMP Securities set a $30.00 target price on Cipher Mining in a report on Wednesday, November 19th. Wells Fargo & Company set a $18.00 target price on Cipher Mining in a research note on Monday, November 24th. Macquarie lifted their price target on Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Twelve analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.73.

Cipher Mining Price Performance

The firm has a fifty day moving average of $17.02 and a 200 day moving average of $12.84. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $7.22 billion, a P/E ratio of -101.52 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $106.69 million during the quarter, compared to analyst estimates of $79.13 million. On average, equities research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity

In other news, Director Cary M. Grossman sold 25,000 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $19.00, for a total value of $475,000.00. Following the transaction, the director directly owned 200,530 shares in the company, valued at $3,810,070. This trade represents a 11.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Patrick Arthur Kelly sold 35,569 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $15.08, for a total value of $536,380.52. Following the sale, the chief operating officer owned 1,151,770 shares of the company’s stock, valued at approximately $17,368,691.60. This trade represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 408,549 shares of company stock worth $7,708,644. Insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares during the period. Sherman Asset Management Inc. purchased a new position in Cipher Mining during the third quarter valued at $25,000. Hollencrest Capital Management bought a new stake in Cipher Mining during the third quarter valued at about $31,000. Peterson Wealth Services purchased a new stake in Cipher Mining in the third quarter worth about $41,000. Finally, Parallel Advisors LLC increased its position in Cipher Mining by 663.0% in the third quarter. Parallel Advisors LLC now owns 4,166 shares of the company’s stock worth $52,000 after buying an additional 3,620 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.