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

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down before the market opened 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 changing hands.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Macquarie raised their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a report on Tuesday, December 10th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Northland Securities upped their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Nine equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $8.03.

Cipher Mining Trading Down 2.7 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The stock has a 50-day moving average price of $6.14 and a two-hundred day moving average price of $4.91. The stock has a market cap of $1.86 billion, a PE ratio of -41.15 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to the consensus estimate 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 company posted ($0.07) earnings per share. Sell-side analysts forecast that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction that occurred on 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 transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,446,623 shares of company stock valued at $9,000,561. 2.25% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in Cipher Mining by 8.8% during the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after buying an additional 2,101 shares during the period. Vima LLC lifted its holdings in shares of Cipher Mining by 11.3% in the 3rd quarter. Vima LLC now owns 24,656 shares of the company’s stock worth $95,000 after acquiring an additional 2,504 shares during the last quarter. Verition Fund Management LLC boosted its stake in shares of Cipher Mining by 30.7% during the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock worth $51,000 after purchasing an additional 3,086 shares during the period. Amalgamated Bank raised its position in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the period. Finally, Strategic Blueprint LLC raised its position in Cipher Mining by 33.3% in the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after purchasing an additional 5,000 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.