Cipher (CIFR) Drops Hard on Profit-Taking from 44% Surge Last Week

CIFR +1.90% BTC-USD +2.18%

We recently published 10 Stocks Deep in the Red. Cipher Mining Inc. (NASDAQ:CIFR) is one of the worst performers on Tuesday.

Cipher Mining saw its share prices drop by 10.41 percent on Tuesday to close at $17.64 apiece as investors resorted to profit-taking following a whopping 40 percent gain last week.

Despite the shortened trading session last week in line with the Thanksgiving holiday, Cipher Mining Inc. (NASDAQ:CIFR) saw its share prices break past the $21 level before trimming gains to end the day at $20.35.

However, the said level still marked a 44 percent jump from the previous week, which investors took as an opportunity to book profits.

In other recent developments, Cipher Mining Inc. (NASDAQ:CIFR) announced plans to officially redeem its outstanding warrants for $0.01 apiece until 5 PM on December 26, 2025. The warrants are only exercisable on a cashless basis.

bitcoin mining

Any warrants that remained unexercised by the deadline will then be void and no longer exercisable.

In the third quarter of the year, Cipher Mining Inc. (NASDAQ:CIFR) trimmed its net loss by 96 percent to $3.28 million from $86.75 million in the same period last year.

Revenues soared by 197 percent to $71.7 million from $24.1 million year-on-year.

While we acknowledge the potential of CIFR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.