Cipher Mining (NASDAQ:CIFR) Shares Gap Up - What's Next?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $4.90, but opened at $5.36. Cipher Mining shares last traded at $5.15, with a volume of 13,927,710 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CIFR shares. JPMorgan Chase & Co. cut Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a research report on Thursday, May 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. Cantor Fitzgerald lifted their target price on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research report on Thursday, June 5th. Finally, HC Wainwright restated a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $7.63.

Cipher Mining Trading Up 6.6%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $2.03 billion, a P/E ratio of -16.82 and a beta of 2.72. The company's fifty day simple moving average is $3.72 and its 200-day simple moving average is $4.04.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.11). The firm had revenue of $48.96 million for the quarter, compared to the consensus estimate of $53.57 million. Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. Research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 500,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $4.86, for a total value of $2,430,000.00. Following the completion of the transaction, the insider directly owned 97,067,437 shares in the company, valued at approximately $471,747,743.82. The trade was a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.89% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CIFR. Voya Investment Management LLC lifted its holdings in shares of Cipher Mining by 3.6% during the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock valued at $274,000 after purchasing an additional 2,036 shares during the last quarter. Xponance Inc. grew its stake in Cipher Mining by 17.8% during the 4th quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after buying an additional 2,140 shares during the last quarter. Russell Investments Group Ltd. increased its position in Cipher Mining by 17.4% during the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock valued at $67,000 after buying an additional 2,149 shares in the last quarter. Mackenzie Financial Corp raised its stake in Cipher Mining by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock valued at $61,000 after buying an additional 2,754 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Cipher Mining by 11.7% in the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company's stock worth $64,000 after acquiring an additional 2,940 shares in the last quarter. 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.