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

Key Points

• Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up from $7.72 to $8.17, with the latest trading price at $8.09 and a trading volume of over 11 million shares.
• Analysts generally favor the stock, with a majority rating it as "Buy" or "Overweight," and target prices ranging from $6.00 to $9.00, while the average target price is $7.67.
• Insider trading activity included directors selling shares for significant transactions, indicating a decrease in insider ownership amidst a backdrop of overall market interest from institutional investors.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $7.72, but opened at $8.17. Cipher Mining shares last traded at $8.09, with a volume of 11,241,492 shares changing hands.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of research analyst reports. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Cantor Fitzgerald raised their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a report on Thursday, June 5th. Canaccord Genuity Group boosted their price target on Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a report on Tuesday, August 19th. Finally, Jones Trading assumed coverage on Cipher Mining in a research report on Monday, July 21st. They issued a "hold" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Cipher Mining has a consensus rating of "Moderate Buy" and a consensus price target of $7.67.

Cipher Mining Stock Up 8.8%

The stock has a market capitalization of $4.27 billion, a PE ratio of -25.23 and a beta of 2.76. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The company's 50-day moving average is $6.49 and its 200 day moving average is $4.41.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.12). The company had revenue of $43.57 million during the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%. As a group, analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the completion of the transaction, the insider directly owned 93,667,437 shares of the company's stock, valued at approximately $572,308,040.07. This trade represents a 0.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Holding Ltd V3 sold 900,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $9.98, for a total transaction of $8,982,000.00. Following the transaction, the insider directly owned 83,942,259 shares of the company's stock, valued at $837,743,744.82. This represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,766,662 shares of company stock valued at $70,656,046 in the last 90 days. 2.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently bought and sold shares of CIFR. Millennium Management LLC purchased a new position in Cipher Mining during the 1st quarter worth approximately $9,316,000. Alyeska Investment Group L.P. purchased a new position in Cipher Mining during the 1st quarter worth approximately $7,094,000. Helix Partners Management LP raised its position in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after buying an additional 2,153,058 shares during the last quarter. JPMorgan Chase & Co. raised its position in Cipher Mining by 996.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock worth $10,645,000 after buying an additional 2,023,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after buying an additional 1,610,073 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.