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

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up prior to trading on Thursday . The stock had previously closed at $6.51, but opened at $6.88. Cipher Mining shares last traded at $6.63, with a volume of 1,804,843 shares changing hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, Macquarie increased their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Eight investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and an average price target of $7.72.

Cipher Mining Trading Up 0.2 %

The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -50.07 and a beta of 2.18. The company has a 50-day moving average price of $4.82 and a 200-day moving average price of $4.49. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly 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 business had revenue of $24.10 million during the quarter, compared to analyst estimates 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 in the prior year, the business posted ($0.07) earnings per share. Research analysts predict that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This represents a 19.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,296,839 shares of company stock worth $25,974,602. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Virtu Financial LLC raised its stake in shares of Cipher Mining by 21.2% in the third quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after acquiring an additional 21,566 shares during the last quarter. Barclays PLC raised its stake in shares of Cipher Mining by 377.2% in the third quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after acquiring an additional 234,366 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after acquiring an additional 1,511,455 shares during the last quarter. State Street Corp raised its stake in shares of Cipher Mining by 17.3% in the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after acquiring an additional 1,019,949 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new stake in shares of Cipher Mining in the third quarter valued at approximately $4,029,000. Institutional investors own 12.26% of the company’s stock.

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.