Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $3.01

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened on Tuesday . The stock had previously closed at $3.01, but opened at $3.13. Cipher Mining shares last traded at $3.06, with a volume of 655,470 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CIFR shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a report on Tuesday, September 3rd. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. HC Wainwright raised their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Needham & Company LLC boosted their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $7.70.

Cipher Mining Trading Down 2.7 %

The business’s 50 day simple moving average is $4.26 and its 200 day simple moving average is $4.20. The stock has a market cap of $899.08 million, a price-to-earnings ratio of 48.33 and a beta of 2.24. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The company had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same period in the previous year, the company posted ($0.05) EPS. On average, research analysts expect that Cipher Mining Inc. will post -0.05 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 443,830 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $4.33, for a total transaction of $1,921,783.90. Following the transaction, the insider now owns 112,410,700 shares in the company, valued at $486,738,331. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 7,714,000 shares of company stock worth $26,154,130 over the last quarter. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the business. Senator Investment Group LP bought a new stake in Cipher Mining in the 2nd quarter valued at about $1,190,000. Algert Global LLC acquired a new position in Cipher Mining in the second quarter valued at about $75,000. Scientech Research LLC lifted its holdings in shares of Cipher Mining by 122.9% during the 2nd quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock worth $845,000 after acquiring an additional 112,202 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Cipher Mining by 246.2% during the second quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock worth $279,000 after purchasing an additional 47,738 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Cipher Mining by 122.8% during 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 during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.