Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $6.51, but opened at $6.88. Cipher Mining shares last traded at $6.63, with a volume of 1,804,843 shares trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Macquarie increased their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Eight equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $7.72.

Cipher Mining Stock Performance

The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -50.07 and a beta of 2.18. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average price of $4.82 and a two-hundred day moving average price of $4.49.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly 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 net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same period last year, the firm posted ($0.07) EPS. As a group, analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the sale, the insider now owns 107,748,228 shares in the company, valued at $325,399,648.56. The trade was a 1.73 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,296,839 shares of company stock worth $25,974,602. 2.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its stake in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining during the 3rd quarter valued at $33,000. Xponance Inc. bought a new position in Cipher Mining during the 2nd quarter valued at $45,000. W Advisors LLC bought a new position in Cipher Mining during the 3rd quarter valued at $45,000. Finally, Prospect Financial Services LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter valued at $47,000. 12.26% of the stock is owned by 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.