Cipher Mining (NASDAQ:CIFR) Shares Down 9.3% – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 9.3% during mid-day trading on Thursday. The stock traded as low as $8.10 and last traded at $8.0480. Approximately 22,941,745 shares were traded during trading, a decline of 26% from the average daily volume of 30,899,260 shares. The stock had previously closed at $8.87.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CIFR shares. Wells Fargo & Company assumed 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. Chardan Capital reissued a “buy” rating and set a $32.00 price target on shares of Cipher Mining in a research report on Tuesday, August 4th. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a research report on Friday, September 25th. Cantor Fitzgerald cut their price target on Cipher Mining from $28.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Finally, Rothschild & Co Redburn began coverage on shares of Cipher Mining in a research note on Monday, September 21st. They issued a “neutral” rating and a $18.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.65.

Cipher Mining Trading Down 10.0%

The stock has a market cap of $3.03 billion, a P/E ratio of -2.55 and a beta of 3.20. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The firm’s fifty day simple moving average is $14.17 and its 200-day simple moving average is $17.75.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data 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 firm had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. During the same quarter last year, the company earned ($0.12) earnings per share. Equities research analysts expect that Cipher Mining Inc. will post -1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC boosted its holdings in Cipher Mining by 1.9% during the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after acquiring an additional 81,192 shares during the last quarter. Wellington Management Group LLP raised its position in Cipher Mining by 567.1% in the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after acquiring an additional 3,388,359 shares during the period. Jennison Associates LLC raised its position in 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 acquiring an additional 824,618 shares during the period. Renaissance Technologies LLC purchased a new position in Cipher Mining in the first quarter valued at about $24,486,000. Finally, Moore Capital Management LP bought a new position in shares of Cipher Mining during the 2nd quarter valued at approximately $35,077,000. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.