Cipher Mining (NASDAQ:CIFR) Shares Down 9% – Should You Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) were down 9% during mid-day trading on Monday . The stock traded as low as $25.46 and last traded at $23.5960. Approximately 2,898,172 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 27,167,688 shares. The stock had previously closed at $25.94.

Analyst Ratings Changes

A number of brokerages have commented on CIFR. BTIG Research increased their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Needham & Company LLC raised their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 15th. HC Wainwright upped their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average target price of $28.31.

Cipher Mining Stock Performance

The stock has a market cap of $10.02 billion, a price-to-earnings ratio of -10.52 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The firm has a fifty day moving average of $22.64 and a 200 day moving average of $18.23.

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 analysts’ consensus estimates of ($0.27) by ($0.01). The company had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.Cipher Mining’s quarterly revenue was down 28.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 48,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total transaction of $929,280.00. Following the completion of the sale, the chief operating officer directly owned 1,451,856 shares in the company, valued at approximately $28,107,932.16. This trade represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wesley Hastie Williams sold 28,169 shares of Cipher Mining stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total transaction of $627,041.94. Following the transaction, the director directly owned 129,976 shares in the company, valued at $2,893,265.76. This trade represents a 17.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 3,132,836 shares of company stock worth $81,420,063. Insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in shares of Cipher Mining during the 4th quarter valued at approximately $25,000. Arax Advisory Partners increased its stake in Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC increased its stake in Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after acquiring an additional 1,286 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Cipher Mining in the fourth quarter valued at $28,000. Finally, Danske Bank A S lifted its stake in shares of Cipher Mining by 1,150.0% in the 4th quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after purchasing an additional 2,300 shares during the last quarter. Institutional investors and hedge funds 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.