Cipher Mining (NASDAQ:CIFR) Stock Price Down 6.3% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR) shares were down 6.3% on Wednesday . The stock traded as low as $17.59 and last traded at $17.3510. Approximately 8,705,673 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 28,303,637 shares. The stock had previously closed at $18.51.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price target on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Sanford C. Bernstein initiated coverage on Cipher Mining in a report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target for the company. Jefferies Financial Group began coverage on Cipher Mining in a research note on Thursday, May 14th. They set a “buy” rating and a $32.00 price target on the stock. Needham & Company LLC upped their price objective on shares of Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $30.00 target price on shares of Cipher Mining in a research note on Thursday. One 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.61.

Cipher Mining Stock Performance

The firm’s fifty day moving average price is $18.87 and its two-hundred day moving average price is $19.17. The stock has a market capitalization of $6.62 billion, a PE ratio of -5.57 and a beta of 3.15. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $31.86 million. During the same quarter last year, the business earned ($0.12) earnings per share. As a group, equities research analysts forecast that Cipher Mining Inc. will post -1.36 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, CEO Tyler Page sold 112,500 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. The transaction 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 Cary M. Grossman sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the transaction, the director directly owned 143,829 shares in the company, valued at $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 131,258 shares of company stock valued at $2,925,288 over the last ninety days. Corporate insiders own 3.09% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new stake in shares of Cipher Mining in the fourth quarter worth approximately $25,000. Arax Advisory Partners boosted its stake in Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after purchasing an additional 1,338 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Cipher Mining during the fourth quarter worth $28,000. CoreCap Advisors LLC raised its position in shares of Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after buying an additional 500 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Cipher Mining by 259.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock valued at $43,000 after buying an additional 2,423 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About Cipher Mining

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.