Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Should You Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Friday . The stock had previously closed at $6.19, but opened at $6.03. Cipher Mining shares last traded at $6.06, with a volume of 1,581,541 shares traded.

Analysts Set New Price Targets

CIFR has been the topic of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research note on Thursday, October 3rd. Compass Point increased their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, BTIG Research boosted their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Eight research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and an average price target of $7.72.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The company has a market cap of $2.36 billion, a PE ratio of -52.15 and a beta of 2.18. The company has a 50-day moving average price of $4.96 and a two-hundred day moving average price of $4.52.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share 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 analysts’ expectations of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the prior year, the company earned ($0.07) EPS. Sell-side analysts expect that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the firm’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 transaction of $591,000.00. Following the completion of the sale, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. This trade represents a 19.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total value of $5,741,358.24. Following the sale, the insider now owns 107,748,228 shares in the company, valued at $325,399,648.56. This represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,296,839 shares of company stock valued at $25,974,602 in the last quarter. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC grew its holdings in Cipher Mining by 21.2% during the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock worth $478,000 after acquiring an additional 21,566 shares in the last quarter. Barclays PLC grew its stake in Cipher Mining by 377.2% in the third quarter. Barclays PLC now owns 296,493 shares of the company’s stock worth $1,147,000 after purchasing an additional 234,366 shares in the last quarter. Geode Capital Management LLC grew its stake in Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after purchasing an additional 1,511,455 shares in the last quarter. State Street Corp increased its holdings in 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 during the last quarter. Finally, Paloma Partners Management Co acquired a new stake in Cipher Mining during the third quarter valued at approximately $4,029,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.