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

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up before the market opened on Thursday . The stock had previously closed at $17.69, but opened at $19.74. Cipher Mining shares last traded at $22.1390, with a volume of 9,951,559 shares changing hands.

Analysts Set New Price Targets

Several analysts have commented on the stock. Cantor Fitzgerald lowered their target price on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. HC Wainwright increased their price target on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein started coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price objective on the stock. Jefferies Financial Group initiated coverage on Cipher Mining in a report on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective on the stock. Finally, Keefe, Bruyette & Woods lifted their price objective on Cipher Mining from $27.00 to $32.00 and gave the company an “outperform” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average target price of $28.74.

Cipher Mining Price Performance

The company’s 50-day moving average is $23.34 and its 200-day moving average is $19.07. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The firm has a market capitalization of $9.13 billion, a price-to-earnings ratio of -9.58 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The business’s revenue for the quarter was down 28.8% compared to the same quarter last year. On average, research analysts expect that Cipher Mining Inc. will post -0.84 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Patrick Arthur Kelly sold 48,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total transaction of $929,280.00. Following the completion of the sale, the chief operating officer directly owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. The trade was a 3.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Cary M. Grossman sold 20,000 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total value of $436,400.00. Following the sale, the director owned 150,530 shares of the company’s stock, valued at approximately $3,284,564.60. The trade was a 11.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,245,336 shares of company stock worth $83,803,938 over the last 90 days. Company insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. CoreCap Advisors LLC increased its stake in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after acquiring an additional 500 shares during the last quarter. Abel Hall LLC lifted its stake in shares of Cipher Mining by 3.8% in the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after purchasing an additional 739 shares in the last quarter. Rathbones Group PLC lifted its stake in shares of Cipher Mining by 7.0% in the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after purchasing an additional 750 shares in the last quarter. CWM LLC grew its holdings in shares of Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after purchasing an additional 804 shares during the period. Finally, Prospera Financial Services Inc grew its holdings in shares of Cipher Mining by 6.7% during the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock worth $230,000 after purchasing an additional 980 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.