Cipher Mining (NASDAQ:CIFR) Shares Gap Up – What’s Next?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped up prior to trading on Monday . The stock had previously closed at $20.04, but opened at $21.46. Cipher Mining shares last traded at $21.9170, with a volume of 5,568,296 shares trading hands.

Analyst Ratings Changes

CIFR has been the topic of several analyst reports. Sanford C. Bernstein assumed coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price on the stock. Keefe, Bruyette & Woods boosted their price target on Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Needham & Company LLC upped their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 target price on shares of Cipher Mining in a report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.31.

Cipher Mining Stock Performance

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 fifty day simple moving average of $22.77 and a 200 day simple moving average of $18.32. The company has a market capitalization of $9.08 billion, a price-to-earnings ratio of -9.51 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The business had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business’s revenue was down 28.8% compared to the same quarter last year. On average, analysts anticipate that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 1,200,000 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $25.49, for a total transaction of $30,588,000.00. Following the transaction, the insider directly owned 58,316,694 shares of the company’s stock, valued at $1,486,492,530.06. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James E. Newsome sold 3,758 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the transaction, the director directly owned 128,530 shares of the company’s stock, valued at $3,418,898. The trade was a 2.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,132,836 shares of company stock worth $81,420,063 in the last 90 days. 2.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Los Angeles Capital Management LLC acquired a new position in Cipher Mining during the 4th quarter worth about $25,000. Arax Advisory Partners raised its stake in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after purchasing an additional 1,286 shares during the period. Meeder Asset Management Inc. purchased a new stake in Cipher Mining during the 4th quarter worth about $28,000. Finally, Danske Bank A S raised its position in Cipher Mining by 1,150.0% in the 4th quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after purchasing an additional 2,300 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.