Cipher Mining (NASDAQ:CIFR) Shares Gap Down – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading 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 traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CIFR shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a report on Tuesday, December 10th. Needham & Company LLC restated a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. Macquarie upped their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and an average target price of $8.03.

Cipher Mining Price Performance

The firm has a fifty day moving average price of $6.14 and a two-hundred day moving average price of $4.91. 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 stock has a market capitalization of $1.86 billion, a P/E ratio of -41.15 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released 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 firm had revenue of $24.10 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted ($0.07) earnings per share. On average, analysts expect that Cipher Mining Inc. will post -0.18 EPS for the current year.

Insider Buying and Selling

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the sale, the chief operating officer now owns 717,431 shares of the company’s stock, valued at $3,135,173.47. This trade represents a 11.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, 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. Insiders sold a total of 1,446,623 shares of company stock worth $9,000,561 in the last three months. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CIFR. Victory Capital Management Inc. grew its stake in shares of Cipher Mining by 8.8% during 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 during the period. Vima LLC grew its position in Cipher Mining by 11.3% during the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after buying an additional 2,504 shares during the period. Verition Fund Management LLC increased its holdings in Cipher Mining by 30.7% during the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock valued at $51,000 after buying an additional 3,086 shares during the last quarter. Amalgamated Bank raised its position in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the period. Finally, Strategic Blueprint LLC boosted its stake in shares of Cipher Mining by 33.3% during the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors 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.