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

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Thursday . The stock had previously closed at $5.50, but opened at $5.38. Cipher Mining shares last traded at $5.37, with a volume of 500,431 shares trading hands.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of research reports. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research boosted their price target on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Northland Securities upped their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research note on Tuesday, December 10th. Nine research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has a consensus rating of “Buy” and an average price target of $8.03.

Cipher Mining Price Performance

The company has a 50 day simple moving average of $6.15 and a 200 day simple moving average of $4.92. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -37.38 and a beta of 2.29. 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 posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same period last year, the company posted ($0.07) EPS. As a group, research analysts predict that Cipher Mining Inc. will post -0.18 EPS for the current year.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC lifted its holdings in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after buying an additional 2,938,184 shares in the last quarter. Tidal Investments LLC increased its position 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 worth $14,485,000 after acquiring an additional 1,584,874 shares during the last quarter. Geode Capital Management LLC lifted 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 worth $21,327,000 after acquiring an additional 1,511,455 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new stake in Cipher Mining during the 3rd quarter valued at approximately $4,029,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About Cipher Mining

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.