Cipher Mining (NASDAQ:CIFR) Trading Down 7.9% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares were down 7.9% on Tuesday . The stock traded as low as $15.01 and last traded at $15.1210. Approximately 16,328,326 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 32,102,898 shares. The stock had previously closed at $16.42.

Analyst Ratings Changes

A number of research firms have commented on CIFR. Rosenblatt Securities boosted their price target on shares of Cipher Mining to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Wells Fargo & Company set a $18.00 target price on shares of Cipher Mining in a research note on Monday, November 24th. Wall Street Zen lowered Cipher Mining from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. BTIG Research reaffirmed a “buy” rating and set a $25.00 price target on shares of Cipher Mining in a report on Wednesday, November 5th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $27.00 price objective on shares of Cipher Mining in a research report on Monday, December 15th. Fourteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $25.11.

Cipher Mining Stock Down 4.8%

The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of -86.89 and a beta of 2.95. The business’s 50-day moving average is $16.60 and its two-hundred day moving average is $14.64. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 35,568 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $17.76, for a total value of $631,687.68. Following the completion of the transaction, the chief operating officer directly owned 1,512,644 shares in the company, valued at approximately $26,864,557.44. The trade was a 2.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wesley Hastie Williams sold 49,867 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 158,145 shares in the company, valued at $2,542,971.60. This trade represents a 23.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 182,825 shares of company stock valued at $3,075,820. 2.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Cipher Mining by 43.2% during the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after buying an additional 9,865,533 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Cipher Mining in the third quarter valued at approximately $70,524,000. Value Aligned Research Advisors LLC bought a new stake in shares of Cipher Mining in the third quarter worth $64,266,000. Situational Awareness LP boosted its holdings in Cipher Mining by 82.4% during the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after purchasing an additional 4,728,600 shares during the last quarter. Finally, Millennium Management LLC bought a new position in Cipher Mining in the first quarter valued at $9,316,000. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.