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

Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Thursday . The stock had previously closed at $5.50, but opened at $5.38. Cipher Mining shares last traded at $5.37, with a volume of 500,431 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CIFR shares. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research report on Tuesday, December 10th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Macquarie raised their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Nine analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Stock Down 7.6 %

The firm’s 50 day simple moving average is $6.15 and its 200 day simple moving average is $4.92. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -37.38 and a beta of 2.29. 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 issued its quarterly earnings data 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). 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 during the quarter, compared to the consensus estimate of $25.84 million. During the same period last year, the company earned ($0.07) earnings per share. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,446,623 shares of company stock valued at $9,000,561 over the last 90 days. 2.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Amalgamated Bank boosted its position in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in Cipher Mining during the third quarter valued at approximately $33,000. Xponance Inc. bought a new stake in Cipher Mining during the second quarter worth approximately $45,000. W Advisors LLC acquired a new position in Cipher Mining in the third quarter worth approximately $45,000. Finally, Prospect Financial Services LLC acquired a new position in Cipher Mining in the third quarter worth approximately $47,000. 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.