Cipher Mining (NASDAQ:CIFR) Stock Price Down 6.5% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 6.5% on Thursday. The stock traded as low as $13.55 and last traded at $13.6090. Approximately 11,950,808 shares traded hands during trading, a decline of 59% from the average daily volume of 29,001,818 shares. The stock had previously closed at $14.56.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, September 21st. Chardan Capital restated a “buy” rating and set a $32.00 target price on shares of Cipher Mining in a research report on Tuesday, August 4th. Freedom Capital upgraded Cipher Mining to a “hold” rating in a research note on Friday, September 18th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $28.86.

Cipher Mining Trading Down 7.9%

The stock has a market capitalization of $5.57 billion, a PE ratio of -4.70 and a beta of 3.20. The company’s 50 day moving average price is $17.19 and its two-hundred day moving average price is $19.39. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The company had revenue of $24.84 million for the quarter, compared to analysts’ expectations of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same quarter in the previous year, the business posted ($0.12) EPS. As a group, analysts expect that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Wellington Management Group LLP boosted its holdings in shares of Cipher Mining by 567.1% in the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock valued at $97,652,000 after purchasing an additional 3,388,359 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in shares of Cipher Mining during the 4th quarter worth $33,329,000. Capital Research Global Investors acquired a new stake in shares of Cipher Mining during the 4th quarter worth $29,460,000. Renaissance Technologies LLC purchased a new position in shares of Cipher Mining in the 1st quarter worth $24,486,000. Finally, Moore Capital Management LP purchased a new position in shares of Cipher Mining in the 2nd quarter worth $35,077,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.