Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up prior to trading on Thursday . The stock had previously closed at $6.51, but opened at $6.88. Cipher Mining shares last traded at $6.63, with a volume of 1,804,843 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Northland Securities assumed coverage on Cipher Mining in a research report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $7.72.

Cipher Mining Stock Performance

The company has a market cap of $2.36 billion, a price-to-earnings ratio of -52.07 and a beta of 2.18. The firm has a 50-day simple moving average of $4.88 and a 200 day simple moving average of $4.51. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

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

Insider Activity

In other news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The trade was a 19.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction that occurred 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 sale, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,296,839 shares of company stock valued at $25,974,602. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

A number of institutional investors have recently modified their holdings of the business. State Street Corp boosted its stake in shares of Cipher Mining by 17.3% in the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after buying an additional 1,019,949 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.