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

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down prior to trading on Monday . The stock had previously closed at $4.98, but opened at $4.71. Cipher Mining shares last traded at $4.63, with a volume of 883,922 shares.

Analyst Ratings Changes

A number of brokerages recently weighed in on CIFR. Northland Securities lifted their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. BTIG Research lifted 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. Macquarie increased their target price 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. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Price Performance

The business’s 50 day moving average price is $6.08 and its 200-day moving average price is $4.96. 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 company has a market cap of $1.72 billion, a PE ratio of -38.07 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations 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 firm earned ($0.07) EPS. As a group, analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The shares were 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 $4,756,173.20. This represents a 7.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the sale, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,356,881 shares of company stock valued at $8,608,389. 2.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after buying an additional 389,079 shares during the last quarter. Principal Financial Group Inc. bought a new position in Cipher Mining during the second quarter worth $88,000. Rhumbline Advisers boosted its holdings in Cipher Mining by 253.7% in the second quarter. Rhumbline Advisers now owns 226,905 shares of the company’s stock worth $942,000 after purchasing an additional 162,749 shares during the period. Victory Capital Management Inc. boosted its holdings in Cipher Mining by 21.7% in the second quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock worth $99,000 after purchasing an additional 4,256 shares during the period. Finally, Arizona State Retirement System increased its stake in Cipher Mining by 184.6% during the second quarter. Arizona State Retirement System now owns 49,802 shares of the company’s stock valued at $207,000 after purchasing an additional 32,305 shares during the last quarter. 12.26% of the stock is currently 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.