Cipher Mining (NASDAQ:CIFR) Shares Gap Down – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Tuesday . The stock had previously closed at $6.30, but opened at $6.05. Cipher Mining shares last traded at $6.13, with a volume of 716,164 shares trading hands.

Analysts Set New Price Targets

A number of analysts have commented on CIFR shares. Compass Point boosted their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Eight equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and an average target price of $7.72.

Cipher Mining Price Performance

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’s 50 day moving average price is $5.36 and its 200 day moving average price is $4.64.

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

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the sale, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This represents a 1.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,296,839 shares of company stock worth $25,974,602 in the last three months. 2.25% of the stock is currently owned by company insiders.

Institutional Trading of Cipher Mining

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Cipher Mining in the second quarter worth about $1,332,000. Bank of New York Mellon Corp increased its holdings in Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after purchasing an additional 389,079 shares during the last quarter. Duncan Williams Asset Management LLC acquired a new position in shares of Cipher Mining in the 3rd quarter valued at approximately $553,000. Finally, California State Teachers Retirement System boosted its stake in shares of Cipher Mining by 19.4% during the 1st quarter. California State Teachers Retirement System now owns 61,546 shares of the company’s stock valued at $317,000 after buying an additional 10,019 shares during the last quarter. Institutional investors and hedge funds 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.