Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Should You Buy?

Key Points

• Cipher Mining's stock price gapped up from $8.32 to $8.70, trading at $8.51 with a significant volume of 7,024,011 shares.
• Wall Street analysts have expressed a positive outlook with ten analysts rating the stock as a "Buy" or better and a consensus target price of $7.67.
• Insider selling was reported, including a major shareholder selling over 289,000 shares at an average price of $6.06, indicating some changes in ownership dynamics.

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 $8.32, but opened at $8.70. Cipher Mining shares last traded at $8.51, with a volume of 7,024,011 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CIFR shares. Cantor Fitzgerald lifted their price target on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Jones Trading assumed coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating for the company. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. Finally, Canaccord Genuity Group boosted their target price on shares of Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $7.67.

Cipher Mining Stock Up 1.5%

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 company has a market cap of $3.32 billion, a PE ratio of -19.56 and a beta of 2.76. The firm has a fifty day simple moving average of $5.86 and a 200 day simple moving average of $4.22.

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

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $6.06, for a total value of $1,752,218.70. Following the completion of the sale, the insider owned 93,378,292 shares in the company, valued at $565,872,449.52. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James E. Newsome sold 32,468 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $6.16, for a total value of $200,002.88. Following the sale, the director owned 194,313 shares of the company's stock, valued at $1,196,968.08. The trade was a 14.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,466,662 shares of company stock worth $33,020,046 over the last ninety days. Insiders own 2.89% of the company's stock.

Institutional Trading of Cipher Mining

A number of institutional investors have recently modified their holdings of CIFR. Stoneridge Investment Partners LLC purchased a new stake in shares of Cipher Mining during the 1st quarter worth about $29,000. FNY Investment Advisers LLC grew its holdings in shares of Cipher Mining by 42.9% during the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after purchasing an additional 4,800 shares during the period. Valeo Financial Advisors LLC purchased a new stake in shares of Cipher Mining during the 1st quarter worth about $37,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock worth $43,000 after purchasing an additional 6,516 shares during the period. Finally, Signal Advisors Wealth LLC purchased a new stake in shares of Cipher Mining during the 2nd quarter worth about $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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