Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $4.98, but opened at $4.71. Cipher Mining shares last traded at $4.63, with a volume of 883,922 shares changing hands.

Analysts Set New Price Targets

CIFR has been the topic of several recent research reports. Northland Securities upped their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. BTIG Research upped their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research report on Tuesday, December 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price objective on shares of Cipher Mining in a research report on Tuesday, January 7th. Finally, Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $8.25.

Cipher Mining Price Performance

The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -36.77 and a beta of 2.38. 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 company has a 50 day simple moving average of $6.09 and a 200 day simple moving average of $4.95.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. As a group, research analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’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 transaction of $1,980,000.00. Following the completion of the sale, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, 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 quarter, insiders sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. grew its stake in Cipher Mining by 8.8% during the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after purchasing an additional 2,101 shares in the last quarter. Vima LLC grew its stake in Cipher Mining by 11.3% during the 3rd quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after purchasing an additional 2,504 shares in the last quarter. Verition Fund Management LLC lifted its holdings in 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 buying an additional 3,086 shares during the last quarter. Amalgamated Bank lifted its holdings in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the last quarter. Finally, Strategic Blueprint LLC lifted its holdings in Cipher Mining by 33.3% during the 3rd quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock worth $77,000 after buying an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.