Cipher Mining (NASDAQ:CIFR) Trading Down 12.2% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) was down 12.2% during mid-day trading on Wednesday . The company traded as low as $14.75 and last traded at $14.2710. Approximately 3,707,653 shares were traded during trading, a decline of 87% from the average daily volume of 29,275,297 shares. The stock had previously closed at $16.26.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CIFR. Citizens Jmp started coverage on Cipher Mining in a research note on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price target on the stock. Needham & Company LLC increased their target price on Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $12.00 to $18.00 in a report on Monday, November 24th. HC Wainwright upped their price objective on shares of Cipher Mining to $30.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Finally, Northland Securities set a $27.50 target price on shares of Cipher Mining in a research report on Tuesday, November 4th. Thirteen analysts have rated the stock with a Buy rating, one has issued 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 $24.54.

Cipher Mining Price Performance

The business’s 50 day moving average price is $17.25 and its 200-day moving average price is $14.04. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The company has a market cap of $5.24 billion, a PE ratio of -73.58 and a beta of 2.95.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating 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 business had revenue of $106.69 million during the quarter, compared to analyst estimates of $79.13 million. As a group, analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director James E. Newsome sold 21,821 shares of the company’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $16.03, for a total value of $349,790.63. Following the sale, the director directly owned 172,492 shares of the company’s stock, valued at $2,765,046.76. This represents a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Wesley Hastie Williams sold 49,867 shares of the firm’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $16.08, for a total transaction of $801,861.36. Following the transaction, the director directly owned 158,145 shares of the company’s stock, valued at approximately $2,542,971.60. This represents a 23.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 271,023 shares of company stock valued at $4,442,255. 2.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in Cipher Mining by 996.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock valued at $10,645,000 after acquiring an additional 2,023,994 shares in the last quarter. Thames Capital Management LLC acquired a new stake in Cipher Mining during the third quarter valued at $19,070,000. Legal & General Group Plc increased its position in Cipher Mining by 33.4% in the 2nd quarter. Legal & General Group Plc now owns 298,446 shares of the company’s stock worth $1,427,000 after purchasing an additional 74,744 shares during the last quarter. Soros Fund Management LLC increased its holdings in Cipher Mining by 67.5% in the second quarter. Soros Fund Management LLC now owns 1,300,000 shares of the company’s stock worth $6,214,000 after buying an additional 524,044 shares during the last quarter. Finally, Two Seas Capital LP bought a new stake in Cipher Mining in the second quarter worth approximately $1,195,000. 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.