Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.58

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down before the market opened on Wednesday . The stock had previously closed at $4.58, but opened at $4.47. Cipher Mining shares last traded at $4.57, with a volume of 871,227 shares.

Analyst Ratings Changes

Several brokerages have recently commented on CIFR. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a report on Friday, June 7th. Canaccord Genuity Group reiterated a “buy” rating and issued a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Cantor Fitzgerald began coverage on shares of Cipher Mining in a report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 target price for the company. Finally, HC Wainwright increased their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.25.

Cipher Mining Stock Performance

The company has a market cap of $1.44 billion, a P/E ratio of 77.51 and a beta of 2.29. The company’s 50-day moving average is $4.20 and its two-hundred day moving average is $3.87. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. The company had revenue of $48.14 million during the quarter, compared to analyst estimates of $50.05 million. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 490,275 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $4.12, for a total transaction of $2,019,933.00. Following the completion of the transaction, the insider now owns 110,520,831 shares in the company, valued at $455,345,823.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders sold 4,692,735 shares of company stock worth $20,486,934. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC bought a new position in Cipher Mining during the first quarter worth about $52,000. Sloy Dahl & Holst LLC bought a new position in Cipher Mining during the fourth quarter worth about $44,000. Price T Rowe Associates Inc. MD bought a new position in Cipher Mining during the first quarter worth about $59,000. Wolverine Asset Management LLC bought a new position in Cipher Mining during the fourth quarter worth about $49,000. Finally, Bellecapital International Ltd. bought a new position in Cipher Mining during the fourth quarter worth about $51,000. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.