Shares of Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $24.16, but opened at $20.25. Cipher Mining shares last traded at $21.1930, with a volume of 16,252,735 shares trading hands.
The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.41). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. During the same quarter last year, the firm posted ($0.12) EPS.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on the company. Sanford C. Bernstein started coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target on the stock. Needham & Company LLC lifted their target price on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Keefe, Bruyette & Woods upped their price target on Cipher Mining from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 28th. Chardan Capital reissued a “buy” rating and set a $32.00 price target on shares of Cipher Mining in a research note on Tuesday. Finally, Morgan Stanley reduced their target price on shares of Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.74.
Insider Activity
In other news, Director Wesley Hastie Williams sold 28,169 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total transaction of $627,041.94. Following the transaction, the director owned 129,976 shares of the company’s stock, valued at approximately $2,893,265.76. This represents a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 48,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the sale, the chief operating officer directly owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. This represents a 3.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 3,245,336 shares of company stock valued at $83,803,938. 3.09% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. Los Angeles Capital Management LLC purchased a new stake in Cipher Mining in the 4th quarter valued at about $25,000. Arax Advisory Partners raised its stake in shares of Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Cipher Mining in the fourth quarter valued at approximately $28,000. Danske Bank A S grew its stake in Cipher Mining by 1,150.0% in the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after purchasing an additional 2,300 shares in the last quarter. Finally, CWM LLC increased its holdings in Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after purchasing an additional 804 shares during the period. 12.26% of the stock is currently owned by institutional investors.
Cipher Mining Stock Down 12.7%
The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The company has a fifty day simple moving average of $23.39 and a two-hundred day simple moving average of $19.12. The firm has a market capitalization of $8.62 billion, a PE ratio of -9.04 and a beta of 3.20.
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.
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