Cipher Mining (NASDAQ:CIFR) Shares Down 6.3% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares traded down 6.3% during mid-day trading on Wednesday . The stock traded as low as $22.06 and last traded at $21.57. 5,054,475 shares changed hands during trading, a decline of 82% from the average session volume of 27,410,826 shares. The stock had previously closed at $23.03.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Zacks Research upgraded Cipher Mining from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 25th. HC Wainwright boosted their price target on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen lowered Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Rosenblatt Securities boosted their price target on Cipher Mining from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Sanford C. Bernstein started coverage on Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.69.

Cipher Mining Stock Performance

The company has a market capitalization of $8.82 billion, a P/E ratio of -9.23 and a beta of 3.18. The firm has a 50 day moving average price of $19.48 and a two-hundred day moving average price of $17.43. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. The company’s quarterly revenue was down 28.8% on a year-over-year basis. On average, research analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 48,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the transaction, the chief operating officer directly owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. The trade was a 3.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $26.62, for a total value of $47,916,000.00. Following the completion of the transaction, the insider directly owned 59,516,694 shares in the company, valued at $1,584,334,394.28. The trade was a 2.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 3,213,804 shares of company stock worth $82,381,735 over the last ninety days. 2.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CIFR. Vanguard Group Inc. boosted its holdings in shares of Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after acquiring an additional 9,865,533 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Cipher Mining in the 3rd quarter worth approximately $70,524,000. Value Aligned Research Advisors LLC acquired a new position in shares of Cipher Mining in the 3rd quarter worth approximately $64,266,000. Situational Awareness LP lifted its holdings in Cipher Mining by 82.4% during the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after buying an additional 4,728,600 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Cipher Mining by 3,718.3% during the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock worth $63,359,000 after buying an additional 4,180,362 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.