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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Thursday . The stock had previously closed at $5.51, but opened at $5.32. Cipher Mining shares last traded at $5.32, with a volume of 815,126 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on CIFR. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating for the company. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research report on Tuesday, December 10th. Finally, Macquarie increased 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. Ten 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, the company has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Trading Up 6.7 %

The business’s fifty day moving average price is $5.84 and its 200-day moving average price is $5.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last issued its 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 company had revenue of $24.10 million during 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 quarter in the prior year, the business posted ($0.07) EPS. On average, equities research analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were 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 of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,356,881 shares of company stock valued at $8,608,389 over the last 90 days. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp grew its holdings in Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the period. Geode Capital Management LLC lifted its position in shares of Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of Cipher Mining during the 3rd quarter valued at approximately $4,029,000. The Manufacturers Life Insurance Company increased its holdings in Cipher Mining by 47.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock worth $383,000 after acquiring an additional 31,815 shares in the last quarter. Finally, Duncan Williams Asset Management LLC bought a new stake in Cipher Mining during the 3rd quarter worth approximately $553,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.