Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.11

Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Monday . The stock had previously closed at $4.11, but opened at $3.73. Cipher Mining shares last traded at $3.89, with a volume of 2,147,591 shares trading hands.

Analyst Ratings Changes

CIFR has been the subject of a number of research analyst reports. Northland Securities began coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Compass Point raised their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $7.21.

Cipher Mining Price Performance

The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The stock has a market cap of $1.23 billion, a P/E ratio of 64.17 and a beta of 2.24. The firm has a 50 day moving average price of $3.93 and a 200 day moving average price of $4.22.

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

Insider Buying and Selling

In related news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the sale, the insider now owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,462,980 shares of company stock worth $20,795,679. 2.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently added to or reduced their stakes in CIFR. Amalgamated Bank boosted its position in shares of 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 acquiring an additional 4,557 shares during the last quarter. Xponance Inc. bought a new position in Cipher Mining during the second quarter valued at $45,000. Janney Montgomery Scott LLC purchased a new position in shares of Cipher Mining in the 1st quarter worth $52,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Cipher Mining in the 1st quarter worth about $59,000. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in shares of Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after acquiring an additional 5,000 shares during the last quarter. 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.