Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped down prior to trading on Friday . The stock had previously closed at $6.19, but opened at $6.03. Cipher Mining shares last traded at $6.06, with a volume of 1,581,541 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CIFR shares. Northland Securities assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. BTIG Research raised their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Eight research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Buy” and a consensus target price of $7.72.

Cipher Mining Stock Up 5.7 %

The business has a fifty day simple moving average of $4.88 and a two-hundred day simple moving average of $4.51. 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 company has a market cap of $2.27 billion, a PE ratio of -47.73 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to analyst estimates 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 in the previous year, the business posted ($0.07) earnings per share. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 value of $1,980,000.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,296,839 shares of company stock valued at $25,974,602. 2.25% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank grew its stake in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining during the 3rd quarter worth approximately $33,000. Xponance Inc. bought a new position in Cipher Mining during the 2nd quarter worth approximately $45,000. W Advisors LLC bought a new stake in shares of Cipher Mining in the 3rd quarter worth approximately $45,000. Finally, Prospect Financial Services LLC bought a new stake in shares of Cipher Mining in the 3rd quarter worth approximately $47,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.