Cipher Mining (NASDAQ:CIFR) Shares Down 8.2% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded down 8.2% during trading on Friday. The company traded as low as $6.59 and last traded at $6.5670. Approximately 4,939,037 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 32,335,393 shares. The stock had previously closed at $7.15.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wells Fargo & Company cut their price target on shares of Cipher Mining from $25.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, November 3rd. Chardan Capital reiterated a “buy” rating and issued a $32.00 price objective on shares of Cipher Mining in a report on Tuesday, August 4th. Morgan Stanley lowered their target price on Cipher Mining to $27.50 and set an “overweight” rating for the company in a research note on Monday. Needham & Company LLC reduced their price target on Cipher Mining from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, November 3rd. Finally, Keefe, Bruyette & Woods lowered Cipher Mining from an “outperform” rating to a “market perform” rating and set a $9.50 price target on the stock. in a research report on Wednesday, November 4th. Fifteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.38.

Cipher Mining Stock Performance

The company has a market cap of $3.07 billion, a PE ratio of -2.19 and a beta of 3.53. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 9.10. The business has a fifty day moving average of $12.58 and a 200-day moving average of $17.26.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Monday, November 2nd. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.03. The business had revenue of $26.70 million during the quarter, compared to analysts’ expectations of $39.31 million. Cipher Mining had a negative return on equity of 161.74% and a negative net margin of 742.33%. The business’s revenue was down 62.8% on a year-over-year basis. During the same quarter last year, the business posted $0.10 EPS. Equities research analysts anticipate that Cipher Mining Inc. will post -0.97 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its holdings in Cipher Mining by 567.1% in the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock worth $97,652,000 after purchasing an additional 3,388,359 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Cipher Mining during the 1st quarter valued at about $24,486,000. Moore Capital Management LP purchased a new position in shares of Cipher Mining during the second quarter valued at about $35,077,000. Troluce Capital Advisors LLC bought a new position in shares of Cipher Mining in the 1st quarter worth approximately $17,374,000. Finally, Bank of America Corp DE lifted its stake 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 valued at $18,207,000 after purchasing an additional 995,735 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc. is a U.S.-based bitcoin mining company that develops and operates data centers designed to support large-scale mining operations. Its facilities house specialized computing equipment that helps process transactions and secure the Bitcoin network. The company’s operations and development activities are concentrated in the United States, including sites in Texas. Its work includes building and managing mining infrastructure and sourcing the energy and equipment needed to run its facilities.