Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $3.44

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened on Wednesday . The stock had previously closed at $3.44, but opened at $3.65. Cipher Mining shares last traded at $3.88, with a volume of 4,118,989 shares traded.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CIFR shares. Macquarie started coverage on shares of Cipher Mining in a research report on Tuesday. They set an “outperform” rating and a $6.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Thursday, August 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research report on Tuesday, September 3rd. Northland Securities started coverage on shares of Cipher Mining in a research report on Wednesday. They set an “outperform” rating and a $6.00 price target on the stock. Finally, HC Wainwright increased their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining has an average rating of “Buy” and an average price target of $7.21.

Cipher Mining Trading Up 13.7 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The firm has a market capitalization of $1.21 billion, a PE ratio of 66.00 and a beta of 2.24. The business’s 50-day moving average price is $4.07 and its 200-day moving average price is $4.20.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same period last year, the firm posted ($0.05) earnings per share. As a group, analysts expect that Cipher Mining Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the transaction, the insider now directly owns 103,946,004 shares in the company, valued at $284,812,050.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 6,803,255 shares of company stock worth $22,224,612. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Senator Investment Group LP purchased a new position in Cipher Mining in the 2nd quarter valued at $1,190,000. Algert Global LLC purchased a new position in Cipher Mining in the 2nd quarter valued at $75,000. Scientech Research LLC grew its position in Cipher Mining by 122.9% in the 2nd quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock valued at $845,000 after buying an additional 112,202 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Cipher Mining by 246.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after buying an additional 47,738 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in 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 acquiring an additional 2,938,184 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.