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

Cipher Mining Inc. (NASDAQ:CIFR) gapped up prior to trading on Tuesday . The stock had previously closed at $4.51, but opened at $4.70. Cipher Mining shares last traded at $4.48, with a volume of 1,811,193 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Macquarie boosted their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Northland Securities upped their price target on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a report on Tuesday, December 10th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Trading Down 2.5 %

The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -33.81 and a beta of 2.38. The company has a 50-day moving average price of $5.84 and a 200 day moving average price of $5.01. 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 announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) 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 for the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. As a group, research analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 stock was 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 in the company, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 356,881 shares of company stock worth $2,388,389. 2.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in shares of Cipher Mining by 17.3% in the 3rd 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 in the last quarter. Geode Capital Management LLC raised its holdings in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after acquiring an additional 1,511,455 shares in the last quarter. Paloma Partners Management Co acquired a new position in Cipher Mining during the third quarter valued at approximately $4,029,000. The Manufacturers Life Insurance Company grew its stake in Cipher Mining by 47.4% in the third quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock valued at $383,000 after purchasing an additional 31,815 shares in the last quarter. Finally, Duncan Williams Asset Management LLC acquired a new position in shares of Cipher Mining during the 3rd quarter worth approximately $553,000. 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.