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

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up prior to trading on Monday . The stock had previously closed at $17.56, but opened at $18.78. Cipher Mining shares last traded at $19.9960, with a volume of 5,464,502 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CIFR shares. 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. BTIG Research raised their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Jefferies Financial Group began coverage on shares of Cipher Mining in a research note on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target for the company. Zacks Research raised shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cipher Mining in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cipher Mining has an average rating of “Moderate Buy” and a consensus price target of $28.31.

Cipher Mining Price Performance

The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The company has a 50 day simple moving average of $23.01 and a 200-day simple moving average of $18.66. The stock has a market cap of $8.08 billion, a price-to-earnings ratio of -8.46 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The company’s revenue for the quarter was down 28.8% on a year-over-year basis. As a group, research analysts anticipate that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insider Activity

In other news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the transaction, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the transaction, the director directly owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This trade represents a 9.44% 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 valued at $83,803,938 over the last quarter. 2.63% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of CIFR. CoreCap Advisors LLC boosted 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 valued at $42,000 after buying an additional 500 shares in the last quarter. Abel Hall LLC raised its position in Cipher Mining by 3.8% in the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock worth $259,000 after acquiring an additional 739 shares in the last quarter. Rathbones Group PLC raised its position in Cipher Mining by 7.0% in the first quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock worth $148,000 after acquiring an additional 750 shares in the last quarter. CWM LLC lifted its holdings in Cipher Mining by 43.3% in the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after acquiring an additional 804 shares during the last quarter. Finally, Prospera Financial Services Inc lifted its holdings in Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock valued at $230,000 after acquiring an additional 980 shares during the last quarter. 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.