Cipher Mining (NASDAQ:CIFR) Trading Down 4.7% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 4.7% during trading on Thursday . The company traded as low as $17.20 and last traded at $17.16. Approximately 2,295,597 shares were traded during trading, a decline of 92% from the average daily volume of 28,125,770 shares. The stock had previously closed at $18.00.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of analyst reports. Morgan Stanley initiated coverage on Cipher Mining in a research report on Monday, February 9th. They set an “overweight” rating and a $38.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. Keefe, Bruyette & Woods lowered their price objective on Cipher Mining from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, March 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of Cipher Mining in a report on Wednesday, March 25th. Finally, Cantor Fitzgerald lowered their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Fourteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $24.82.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 3.37, a current ratio of 3.79 and a quick ratio of 3.79. The stock has a 50 day simple moving average of $15.28 and a two-hundred day simple moving average of $16.66. The company has a market cap of $7.85 billion, a PE ratio of -8.97 and a beta of 3.01.

Insider Transactions at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 37,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total value of $604,125.00. Following the completion of the sale, the chief executive officer owned 8,263,862 shares in the company, valued at approximately $133,130,816.82. The trade was a 0.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cary M. Grossman sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $14.54, for a total value of $436,200.00. Following the completion of the sale, the director owned 170,530 shares of the company’s stock, valued at approximately $2,479,506.20. This represents a 14.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 148,229 shares of company stock worth $2,283,968 in the last three months. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently modified their holdings of the stock. Millennium Management LLC purchased a new position in Cipher Mining in the 1st quarter valued at $9,316,000. Goldman Sachs Group Inc. grew its position in Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after buying an additional 1,610,073 shares during the last quarter. Franklin Resources Inc. purchased a new position in Cipher Mining in the 2nd quarter valued at $98,000. Prudential Financial Inc. grew its position in Cipher Mining by 113.7% in the 2nd quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock valued at $151,000 after buying an additional 16,810 shares during the last quarter. Finally, XTX Topco Ltd grew its position in Cipher Mining by 65.2% in the 2nd quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock valued at $142,000 after buying an additional 11,725 shares during the last quarter. Hedge funds and other institutional investors 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.