Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $5.32, but opened at $6.10. Cipher Mining shares last traded at $6.34, with a volume of 2,820,735 shares.

Analysts Set New Price Targets

A number of equities research analysts have commented on CIFR shares. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Compass Point raised 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. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a report on Thursday, October 3rd. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Seven investment 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, Cipher Mining has an average rating of “Buy” and a consensus target price of $7.36.

Cipher Mining Stock Performance

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of -48.61 and a beta of 2.18. The stock has a fifty day moving average price of $4.02 and a 200-day moving average price of $4.29.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data 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 business had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the prior year, the firm posted ($0.07) EPS. On average, analysts expect that Cipher Mining Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were 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 directly owns 619,148 shares in the company, valued at $2,439,443.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,943,078 shares of company stock valued at $23,609,769 in the last ninety days. 2.25% of the stock is currently owned by company insiders.

Institutional Trading of Cipher Mining

A number of large investors have recently made changes to their positions in CIFR. Victory Capital Management Inc. lifted its holdings in Cipher Mining by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after purchasing an additional 2,101 shares in the last quarter. TRU Independence Asset Management 2 LLC acquired a new position in shares of Cipher Mining in the third quarter valued at approximately $132,000. Van ECK Associates Corp lifted its stake in shares of Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares during the period. Farther Finance Advisors LLC acquired a new stake in Cipher Mining during the third quarter worth approximately $33,000. Finally, W Advisors LLC acquired a new stake in Cipher Mining during the third quarter worth approximately $45,000. Institutional investors and hedge funds 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.