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

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $5.73, but opened at $5.23. Cipher Mining shares last traded at $5.50, with a volume of 3,825,336 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CIFR. Needham & Company LLC restated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a report on Friday, January 31st. Cantor Fitzgerald lowered their price target on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a report on Tuesday, December 10th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $8.14.

Cipher Mining Trading Down 0.2 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm’s 50 day moving average is $5.65 and its two-hundred day moving average is $4.97.

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’s stock in a transaction dated 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 owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 356,281 shares of company stock worth $2,384,189. 2.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining during the third quarter worth approximately $33,000. W Advisors LLC purchased a new position in Cipher Mining during the third quarter valued at approximately $45,000. KBC Group NV acquired a new position in Cipher Mining in the 4th quarter valued at approximately $46,000. Finally, Prospect Financial Services LLC acquired a new position in Cipher Mining in the 3rd quarter valued at approximately $47,000. 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.