Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report)’s share price fell 6.3% on Wednesday . The stock traded as low as $22.06 and last traded at $21.57. 5,054,475 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 27,410,826 shares. The stock had previously closed at $23.03.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on CIFR. Zacks Research raised Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Morgan Stanley reduced their price target on shares of Cipher Mining from $53.50 to $48.50 and set an “overweight” rating on the stock in a research report on Thursday, June 4th. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. Finally, Sanford C. Bernstein initiated coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus price target of $27.69.
Get Our Latest Analysis on CIFR
Cipher Mining Stock Performance
Cipher Mining (NASDAQ:CIFR – Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The business had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. The business’s quarterly revenue was down 28.8% on a year-over-year basis. As a group, equities analysts expect that Cipher Mining Inc. will post -0.8 EPS for the current year.
Insiders Place Their Bets
In related news, Director Wesley Hastie Williams sold 14,567 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $21.41, for a total value of $311,879.47. Following the sale, the director owned 115,409 shares of the company’s stock, valued at $2,470,906.69. This trade represents a 11.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cary M. Grossman sold 20,000 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the completion of the sale, the director directly owned 150,530 shares in the company, valued at approximately $3,284,564.60. This trade represents a 11.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 3,213,804 shares of company stock worth $82,381,735. 2.63% of the stock is owned by company insiders.
Institutional Trading of Cipher Mining
A number of large investors have recently modified their holdings of the company. Rathbones Group PLC increased its holdings in shares of Cipher Mining by 7.0% in the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock worth $148,000 after acquiring an additional 750 shares during the period. Bank of America Corp DE increased its holdings in shares of Cipher Mining by 237.7% in the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after acquiring an additional 995,735 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Cipher Mining by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company’s stock worth $56,292,000 after acquiring an additional 81,192 shares during the period. Amundi acquired a new stake in shares of Cipher Mining in the 1st quarter worth about $198,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Cipher Mining by 259.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after acquiring an additional 2,423 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.
About Cipher Mining
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.
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