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

Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Monday . The stock had previously closed at $5.73, but opened at $5.23. Cipher Mining shares last traded at $5.50, with a volume of 3,825,336 shares changing hands.

Analyst Ratings Changes

CIFR has been the subject of several recent research reports. 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 report on Tuesday, December 10th. Keefe, Bruyette & Woods assumed coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating for the company. BTIG Research lifted their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 price objective on shares of Cipher Mining in a research note on Tuesday, January 7th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Price Performance

The firm has a market cap of $1.93 billion, a P/E ratio of -42.65 and a beta of 2.40. The firm’s fifty day simple moving average is $5.67 and its 200 day simple moving average is $4.97. 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 posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to the consensus estimate 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 last year, the firm earned ($0.07) earnings per share. As a group, analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This represents a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’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 directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 356,881 shares of company stock valued at $2,388,389 over the last ninety days. 2.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. State Street Corp grew its stake in shares of 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 buying an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cipher Mining by 37.8% during the third 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 during the last quarter. Van ECK Associates Corp grew its stake in shares of Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Cipher Mining by 71.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company’s stock valued at $9,118,000 after buying an additional 977,963 shares during the last quarter. 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.