Cipher Mining (NASDAQ:CIFR) Stock Price Down 5% – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR) traded down 5% during trading on Monday . The company traded as low as $19.55 and last traded at $19.65. 39,648,272 shares were traded during trading, an increase of 37% from the average session volume of 28,919,990 shares. The stock had previously closed at $20.69.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CIFR shares. Weiss Ratings restated a “sell (d+)” rating on shares of Cipher Mining in a report on Tuesday, October 14th. Northland Securities set a $27.50 price target on shares of Cipher Mining in a research note on Tuesday, November 4th. Canaccord Genuity Group restated a “buy” rating and set a $27.00 price target (up from $16.00) on shares of Cipher Mining in a research report on Tuesday, November 4th. Jones Trading assumed coverage on Cipher Mining in a report on Monday, July 21st. They issued a “hold” rating on the stock. Finally, Wall Street Zen raised Cipher Mining from a “sell” rating to a “hold” rating in a research note on Saturday. Twelve equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.77.

Cipher Mining Price Performance

The stock has a market cap of $7.76 billion, a PE ratio of -109.17 and a beta of 2.91. The business’s 50-day simple moving average is $15.26 and its 200-day simple moving average is $8.40. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, topping 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 company had revenue of $71.71 million during the quarter, compared to analyst estimates of $79.13 million. On average, research analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 26,581 shares of Cipher Mining stock in a transaction 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 sale, the chief operating officer owned 1,213,919 shares in the company, valued at $25,589,412.52. The trade was a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider William Iwaschuk sold 173,094 shares of the business’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total transaction of $3,898,076.88. Following the transaction, the insider directly owned 1,054,488 shares in the company, valued at approximately $23,747,069.76. The trade was a 14.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 20,822,449 shares of company stock worth $279,929,441. 2.63% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of CIFR. Vanguard Group Inc. raised its stake in Cipher Mining by 13.4% in the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock worth $287,236,000 after buying an additional 2,699,717 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 18.1% during the 2nd quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock worth $34,621,000 after acquiring an additional 1,108,850 shares during the period. Tidal Investments LLC raised its position in shares of Cipher Mining by 28.3% in the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock worth $33,386,000 after acquiring an additional 1,541,138 shares in the last quarter. Vident Advisory LLC lifted its stake in shares of Cipher Mining by 11.9% in the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company’s stock valued at $10,934,000 after purchasing an additional 503,694 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after purchasing an additional 1,610,073 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.