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

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $4.66, but opened at $4.84. Cipher Mining shares last traded at $4.71, with a volume of 1,354,619 shares traded.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CIFR. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Northland Securities boosted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. BTIG Research increased their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Macquarie boosted their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Nine analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Stock Performance

The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -35.69 and a beta of 2.29. 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 stock has a 50 day simple moving average of $6.11 and a two-hundred day simple moving average of $4.92.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to analyst estimates 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 period last year, the business posted ($0.07) EPS. As a group, analysts anticipate that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently modified their holdings of the company. Amalgamated Bank raised its position in Cipher Mining by 321.8% in 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 during the last quarter. Farther Finance Advisors LLC acquired a new position in Cipher Mining in the third quarter valued at $33,000. Xponance Inc. purchased a new stake in shares of Cipher Mining in the second quarter valued at about $45,000. W Advisors LLC acquired a new stake in shares of Cipher Mining during the third quarter worth about $45,000. Finally, Prospect Financial Services LLC purchased a new position in shares of Cipher Mining during the third quarter worth about $47,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.