Cipher Mining (NASDAQ:CIFR) Stock Price Down 14.1% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) was down 14.1% on Thursday . The company traded as low as $14.75 and last traded at $14.93. Approximately 54,351,522 shares were traded during trading, an increase of 87% from the average daily volume of 29,080,645 shares. The stock had previously closed at $17.38.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. HC Wainwright upped their price objective on Cipher Mining to $30.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Northland Securities set a $27.50 price target on Cipher Mining in a research note on Tuesday, November 4th. Needham & Company LLC lifted their price objective on shares of Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Macquarie increased their price objective on shares of Cipher Mining from $16.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Finally, Arete started coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price for the company. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.77.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49. The stock’s 50-day moving average price is $16.18 and its 200-day moving average price is $8.85. The company has a market cap of $5.67 billion, a P/E ratio of -79.78 and a beta of 2.91.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $106.69 million during the quarter, compared to analysts’ expectations of $79.13 million. Equities analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, Director Holly Morrow Evans sold 16,269 shares of the firm’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $17.39, for a total transaction of $282,917.91. Following the transaction, the director owned 210,512 shares in the company, valued at $3,660,803.68. This trade represents a 7.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wesley Hastie Williams sold 18,769 shares of Cipher Mining stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $17.51, for a total value of $328,645.19. Following the completion of the transaction, the director directly owned 208,012 shares of the company’s stock, valued at $3,642,290.12. This represents a 8.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 20,812,616 shares of company stock valued at $280,307,675 over the last ninety days. 2.63% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently bought and sold shares of the company. Sherman Asset Management Inc. acquired a new position in shares of Cipher Mining in the 3rd quarter valued at approximately $25,000. Stoneridge Investment Partners LLC bought a new position in Cipher Mining in the first quarter valued at approximately $29,000. Hollencrest Capital Management acquired a new position in Cipher Mining during the third quarter valued at approximately $31,000. Peterson Wealth Services bought a new stake in Cipher Mining during the third quarter worth $41,000. Finally, Steward Partners Investment Advisory LLC boosted its holdings in shares of Cipher Mining by 258.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock valued at $43,000 after purchasing an additional 6,516 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.