Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped up prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CIFR. Northland Securities started coverage on Cipher Mining in a research report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Finally, Needham & Company LLC upped their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Buy” and a consensus price target of $7.21.

Cipher Mining Stock Performance

The stock’s 50 day moving average is $3.61 and its two-hundred day moving average is $4.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The firm has a market capitalization of $1.33 billion, a P/E ratio of 74.50 and a beta of 2.25.

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

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the completion of the transaction, the insider now owns 109,911,187 shares of the company’s stock, valued at $684,746,695.01. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the completion of the transaction, the insider now directly owns 109,911,187 shares of the company’s stock, valued at $684,746,695.01. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,462,980 shares of company stock worth $20,795,679. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares during the last quarter. Millennium Management LLC lifted its holdings in Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp boosted its position in Cipher Mining by 0.8% during the second quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock worth $11,437,000 after purchasing an additional 22,086 shares during the period. Vident Advisory LLC increased its holdings in shares of Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after purchasing an additional 1,090,811 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Cipher Mining by 243.2% in the second 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 period. 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.