Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Here's What Happened

Key Points

• Cipher Mining Inc. shares opened at $14.47, gapping up from a previous close of $13.81, and last traded at $15.31 with a volume of 18,764,809 shares.
• Wall Street analysts are optimistic about Cipher Mining, with a majority rating it as a "buy" and adjusting target prices significantly upwards, with the consensus target now at $15.23.
• Insiders have sold a substantial number of shares recently, with one major shareholder reducing their stake by 4.68% after selling over 3.5 million shares for about $43 million.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $13.81, but opened at $14.47. Cipher Mining shares last traded at $15.31, with a volume of 18,764,809 shares changing hands.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of research analyst reports. HC Wainwright boosted their target price on Cipher Mining from $7.50 to $17.00 and gave the stock a "buy" rating in a research note on Monday. Compass Point initiated coverage on Cipher Mining in a report on Monday, September 15th. They set a "buy" rating on the stock. Macquarie raised their target price on Cipher Mining from $8.00 to $16.00 and gave the company an "outperform" rating in a research report on Monday. Needham & Company LLC raised their target price on Cipher Mining from $10.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Jones Trading began coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating for the company. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $15.23.

Cipher Mining Price Performance

The firm has a market capitalization of $5.78 billion, a P/E ratio of -34.19 and a beta of 2.87. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The business has a 50 day simple moving average of $8.25 and a two-hundred day simple moving average of $5.28.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). The firm had revenue of $43.57 million for the quarter, compared to analysts' expectations of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. On average, sell-side analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the sale, the insider owned 71,437,719 shares in the company, valued at $882,970,206.84. The trade was a 4.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders sold 20,901,254 shares of company stock valued at $210,570,720. 2.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Stoneridge Investment Partners LLC purchased a new stake in shares of Cipher Mining in the 1st quarter worth about $29,000. FNY Investment Advisers LLC boosted its stake in Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after acquiring an additional 4,800 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in shares of Cipher Mining during the first quarter valued at approximately $37,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Cipher Mining by 258.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock valued at $43,000 after purchasing an additional 6,516 shares during the last quarter. Finally, Signal Advisors Wealth LLC purchased a new position in shares of Cipher Mining during the second quarter valued at approximately $48,000. 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.

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