Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) was down 10.3% during trading on Friday . The company traded as low as $23.56 and last traded at $23.1690. 14,221,187 shares were traded during mid-day trading, a decline of 47% from the average session volume of 27,051,377 shares. The stock had previously closed at $25.82.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on CIFR shares. Needham & Company LLC lifted their price objective on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. HC Wainwright increased their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Jefferies Financial Group assumed coverage on shares of Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 price target on the stock. Morgan Stanley decreased their price objective on shares of Cipher Mining from $48.50 to $47.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.22.
Check Out Our Latest Research Report on CIFR
Cipher Mining Stock Down 9.9%
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 for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The company had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business’s quarterly revenue was down 28.8% compared to the same quarter last year. As a group, analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current year.
Insider Buying and Selling
In other Cipher Mining news, Director Cary M. Grossman sold 15,000 shares of the stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the transaction, the director directly owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wesley Hastie Williams sold 14,567 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $21.41, for a total value of $311,879.47. Following the completion of the sale, the director directly owned 115,409 shares of the company’s stock, valued at $2,470,906.69. This represents a 11.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,245,336 shares of company stock worth $83,803,938 in the last three months. Insiders own 2.63% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. CoreCap Advisors LLC boosted its position in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of Cipher Mining during the 4th quarter valued at approximately $25,000. Arax Advisory Partners boosted its holdings in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after buying an additional 1,338 shares during the period. GAMMA Investing LLC boosted its holdings in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after buying an additional 1,286 shares during the period. Finally, Meeder Asset Management Inc. purchased a new position in Cipher Mining in the 4th quarter valued at approximately $28,000. 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.
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