Cipher Mining (NASDAQ:CIFR) Stock Price Down 1.1% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was down 1.1% on Tuesday . The company traded as low as $20.10 and last traded at $22.51. Approximately 65,303,490 shares traded hands during mid-day trading, an increase of 129% from the average daily volume of 28,524,525 shares. The stock had previously closed at $22.76.

Analysts Set New Price Targets

A number of research analysts have weighed in on CIFR shares. Arete Research started coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price objective for the company. Northland Securities set a $27.50 price objective on shares of Cipher Mining in a research report on Tuesday. HC Wainwright upped their price objective on shares of Cipher Mining to $30.00 and gave the stock a “buy” rating in a research report on Monday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Cipher Mining in a research report on Tuesday, October 14th. Finally, Rosenblatt Securities upped their price objective on shares of Cipher Mining to $33.00 and gave the stock a “buy” rating in a research report on Tuesday. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.77.

Cipher Mining Stock Performance

The firm’s 50 day moving average price is $14.05 and its two-hundred day moving average price is $7.84. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The firm has a market cap of $8.85 billion, a PE ratio of -52.35 and a beta of 2.91.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The business had revenue of $71.71 million during the quarter, compared to analysts’ expectations of $79.13 million. On average, research analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 26,581 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $21.08, for a total value of $560,327.48. Following the completion of the sale, the chief operating officer owned 1,213,919 shares of the company’s stock, valued at $25,589,412.52. This represents a 2.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Holding Ltd V3 sold 535,843 shares of the stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $20.32, for a total transaction of $10,888,329.76. Following the completion of the sale, the insider directly owned 61,316,694 shares of the company’s stock, valued at approximately $1,245,955,222.08. This trade represents a 0.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 20,649,355 shares of company stock valued at $276,031,364. Corporate insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Stoneridge Investment Partners LLC purchased a new position in shares of Cipher Mining during the 1st quarter worth approximately $29,000. Hollencrest Capital Management purchased a new position in shares of Cipher Mining during the 3rd quarter worth approximately $31,000. Valeo Financial Advisors LLC purchased a new position in shares of Cipher Mining during the 1st quarter worth approximately $37,000. Peterson Wealth Services purchased a new position in shares of Cipher Mining during the 3rd quarter worth approximately $41,000. Finally, Steward Partners Investment Advisory LLC boosted its position in shares of Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after purchasing an additional 6,516 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.