Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Monday . The stock had previously closed at $4.98, but opened at $4.71. Cipher Mining shares last traded at $4.63, with a volume of 883,922 shares traded.

Analyst Upgrades and Downgrades

CIFR has been the subject of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 target price on shares of Cipher Mining in a report on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Northland Securities boosted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Macquarie increased their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $8.25.

Cipher Mining Trading Up 2.9 %

The firm has a market capitalization of $1.72 billion, a P/E ratio of -38.07 and a beta of 2.38. The business’s 50 day moving average is $6.08 and its two-hundred day moving average is $4.96. 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 released its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million for 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 previous year, the business posted ($0.07) EPS. Analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,356,881 shares of company stock valued at $8,608,389 over the last quarter. Corporate insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank grew its position in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining during the 3rd quarter worth $33,000. Xponance Inc. acquired a new position in shares of Cipher Mining in the 2nd quarter worth $45,000. FNY Investment Advisers LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth $51,000. Finally, W Advisors LLC purchased a new stake in shares of Cipher Mining during the third quarter valued at $45,000. 12.26% of the stock is 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.