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

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CIFR. Macquarie upped their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a research report on Tuesday, January 7th. Northland Securities increased their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Finally, Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Ten investment 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 company currently has an average rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Stock Performance

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of $5.87 and a two-hundred day simple moving average of $4.99. The stock has a market capitalization of $1.97 billion, a P/E ratio of -43.51 and a beta of 2.38.

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

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the transaction, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the transaction, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,356,881 shares of company stock worth $8,608,389. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Amalgamated Bank raised its holdings in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Cipher Mining by 912.9% during the 4th 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 in the last quarter. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining during the 3rd quarter worth $33,000. Xponance Inc. acquired a new position in shares of Cipher Mining during the 2nd quarter worth $45,000. Finally, W Advisors LLC acquired a new position in shares of Cipher Mining during the 3rd quarter worth $45,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.