Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Here’s Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Thursday . The stock had previously closed at $5.51, but opened at $5.32. Cipher Mining shares last traded at $5.32, with a volume of 815,126 shares traded.

Analyst Upgrades and Downgrades

CIFR has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research report on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Cipher Mining in a research report on Tuesday, January 7th. Macquarie lifted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Northland Securities lifted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Trading Up 3.0 %

The company has a fifty day simple moving average of $5.87 and a 200-day simple moving average of $4.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -43.51 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same period last year, the firm earned ($0.07) EPS. On average, research analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,356,881 shares of company stock valued at $8,608,389 in the last 90 days. 2.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its holdings in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after buying an additional 5,432 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining during the third quarter worth approximately $33,000. KBC Group NV acquired a new position in shares of Cipher Mining during the fourth quarter worth approximately $46,000. Finally, Xponance Inc. acquired a new position in shares of Cipher Mining in the second quarter valued at $45,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.