Cipher Mining (NASDAQ:CIFR) Shares Gap Up – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) gapped up before the market opened on Tuesday . The stock had previously closed at $4.66, but opened at $4.84. Cipher Mining shares last traded at $4.71, with a volume of 1,354,619 shares.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, BTIG Research raised their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Nine analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining has an average rating of “Buy” and a consensus price target of $8.03.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company’s 50 day moving average price is $6.14 and its 200-day moving average price is $4.92. The company has a market cap of $1.62 billion, a PE ratio of -35.84 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. Equities research analysts anticipate that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the sale, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. This represents a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,446,623 shares of company stock worth $9,000,561 over the last quarter. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the company. State Street Corp boosted its holdings in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the period. Paloma Partners Management Co bought a new stake in Cipher Mining during the third quarter valued at $4,029,000. Geode Capital Management LLC grew its position in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after buying an additional 1,511,455 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in Cipher Mining during the second quarter worth about $1,332,000. Finally, Bank of New York Mellon Corp increased its stake in Cipher Mining by 243.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after acquiring an additional 389,079 shares during the last quarter. Hedge funds and other institutional investors 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.