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

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up before the market opened on Monday . The stock had previously closed at $4.19, but opened at $4.29. Cipher Mining shares last traded at $4.38, with a volume of 1,927,169 shares.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Compass Point lifted their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Thursday, August 29th. Finally, Northland Securities initiated coverage on shares of Cipher Mining in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective on the stock. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $7.21.

Cipher Mining Stock Performance

The company’s fifty day moving average is $3.62 and its 200 day moving average is $4.16. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $1.36 billion, a P/E ratio of 73.00 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter in the prior year, the firm posted ($0.05) EPS. As a group, equities analysts anticipate that Cipher Mining Inc. will post -0.04 earnings per share for the current year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the sale, the insider now owns 107,748,228 shares of the company’s stock, valued at approximately $325,399,648.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the transaction, the insider now directly owns 107,748,228 shares in the company, valued at $325,399,648.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the transaction, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,462,980 shares of company stock worth $20,795,679. 2.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Cipher Mining by 38.9% in the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after acquiring an additional 765,238 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Cipher Mining in the 2nd quarter valued at $1,332,000. Swiss National Bank boosted its stake in shares of Cipher Mining by 27.0% in the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after purchasing an additional 26,700 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of 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 valued at $2,279,000 after purchasing an additional 389,079 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.