Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Still a Buy?

Key Points

• Cipher Mining Inc. (CIFR) shares opened at $14.81, up from a previous close of $14.15, showing increased trading activity with a volume of over 10 million shares.
• Analysts have issued a consensus "Moderate Buy" rating for Cipher Mining, with targets ranging from $8.00 to $24.00, indicating strong potential for growth.
• Insider activity revealed significant sales, with major shareholders decreasing their positions, leading to concerns about confidence in the company's future prospects.

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $14.15, but opened at $14.81. Cipher Mining shares last traded at $14.69, with a volume of 10,371,053 shares.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Arete began coverage on shares of Cipher Mining in a research report on Wednesday. They set a "buy" rating and a $24.00 price objective on the stock. Arete Research initiated coverage on Cipher Mining in a research report on Wednesday. They set a "buy" rating and a $24.00 price objective on the stock. Jones Trading began coverage on Cipher Mining in a report on Monday, July 21st. They set a "hold" rating on the stock. Macquarie upped their target price on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, Canaccord Genuity Group lifted their price target on shares of Cipher Mining from $9.00 to $13.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $11.00.

Cipher Mining Stock Up 4.9%

The company has a market capitalization of $5.84 billion, a P/E ratio of -33.87 and a beta of 2.75. The company has a 50-day moving average of $7.38 and a two-hundred day moving average of $4.83. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

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

Insider Activity at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 900,000 shares of the business'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 value of $8,982,000.00. Following the sale, the insider directly owned 83,942,259 shares of the company's stock, valued at $837,743,744.82. The trade was a 1.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of Cipher Mining stock in a transaction on Monday, July 14th. The shares were sold at an average price of $6.11, for a total value of $4,075,431.10. Following the transaction, the insider owned 93,667,437 shares of the company's stock, valued at $572,308,040.07. The trade was a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,411,532 shares of company stock valued at $114,151,642 over the last quarter. Company insiders own 2.89% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Ameriprise Financial Inc. bought a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $137,000. BNP Paribas Financial Markets purchased a new stake in Cipher Mining during the 4th quarter valued at $118,000. Bank of America Corp DE increased its holdings in shares of Cipher Mining by 47.3% in the 4th quarter. Bank of America Corp DE now owns 182,898 shares of the company's stock worth $849,000 after purchasing an additional 58,742 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Cipher Mining by 67.2% in the fourth quarter. ProShare Advisors LLC now owns 57,037 shares of the company's stock worth $265,000 after purchasing an additional 22,924 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new position in shares of Cipher Mining during the fourth quarter valued at $5,378,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.