Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $3.44

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $3.44, but opened at $3.65. Cipher Mining shares last traded at $3.88, with a volume of 4,118,989 shares changing hands.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of recent analyst reports. Macquarie initiated coverage on Cipher Mining in a report on Tuesday. They issued an “outperform” rating and a $6.00 target price for the company. Northland Securities initiated coverage on Cipher Mining in a report on Wednesday. They issued an “outperform” rating and a $6.00 target price for the company. Compass Point raised their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Needham & Company LLC lifted their price target on Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $7.21.

Cipher Mining Stock Up 13.7 %

The firm has a 50 day moving average price of $4.07 and a 200-day moving average price of $4.20. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 66.00 and a beta of 2.24. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01.

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

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the transaction, the insider now owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders sold 6,803,255 shares of company stock valued at $22,224,612. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Millennium Management LLC grew its holdings in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares during the period. First Financial Bankshares Inc purchased a new stake in Cipher Mining in the 4th quarter valued at about $9,901,000. Vanguard Group Inc. grew its holdings in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares during the period. Vident Advisory LLC grew its holdings in shares of Cipher Mining by 94.9% during the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after purchasing an additional 1,090,811 shares during the period. Finally, Van ECK Associates Corp grew its holdings in shares of Cipher Mining by 38.9% during the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after purchasing an additional 765,238 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.