Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $4.81, but opened at $5.10. Cipher Mining shares last traded at $5.09, with a volume of 951,243 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research report on Tuesday, December 10th. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $8.25.

Cipher Mining Stock Up 5.9 %

The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average of $6.04 and a 200 day moving average of $4.96.

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). The firm had revenue of $24.10 million during 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 period last year, the business earned ($0.07) EPS. As a group, equities research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the sale, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on 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 owns 664,270 shares in the company, valued at $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,356,881 shares of company stock worth $8,608,389. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the company. Amalgamated Bank raised its position in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC bought a new position in shares of Cipher Mining in the 3rd quarter valued at $33,000. Xponance Inc. bought a new stake in shares of Cipher Mining during the 2nd quarter worth $45,000. FNY Investment Advisers LLC bought a new stake in shares of Cipher Mining during the 4th quarter worth $51,000. Finally, W Advisors LLC bought a new position in Cipher Mining in the third quarter valued at about $45,000. 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.