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

Key Points

• Cipher Mining's stock price opened at $20.00 after closing at $18.76, reflecting a gap up prior to trading.
• Analysts exhibit strong confidence in Cipher Mining, with numerous upgrades to target prices and a consensus rating of "Moderate Buy".
• Insider trading activity includes major shareholders selling significant amounts of stock, raising questions about insider sentiment on future performance.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $18.76, but opened at $20.00. Cipher Mining shares last traded at $19.91, with a volume of 6,406,899 shares.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CIFR. Canaccord Genuity Group boosted their target price on shares of Cipher Mining from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, September 29th. Macquarie raised their price objective on Cipher Mining from $8.00 to $16.00 and gave the company an "outperform" rating in a research note on Monday, September 29th. Needham & Company LLC raised their price target on shares of Cipher Mining from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, September 30th. Jones Trading initiated coverage on shares of Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating on the stock. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Cipher Mining in a report on Tuesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.68.

Cipher Mining Stock Up 6.0%

The firm has a market cap of $7.82 billion, a price-to-earnings ratio of -46.37 and a beta of 2.87. The stock has a 50-day moving average of $11.03 and a 200-day moving average of $6.49. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued 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). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The firm had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 535,843 shares of the company's stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $20.32, for a total value of $10,888,329.76. Following the completion of the sale, the insider directly owned 61,316,694 shares of the company's stock, valued at approximately $1,245,955,222.08. This represents a 0.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 26,581 shares of the business's stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $21.08, for a total transaction of $560,327.48. Following the completion of the sale, the chief operating officer owned 1,213,919 shares in the company, valued at $25,589,412.52. The trade was a 2.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,585,388 shares of company stock valued at $288,102,231 over the last 90 days. 2.63% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

Hedge funds have recently modified their holdings of the business. Stoneridge Investment Partners LLC bought a new stake in Cipher Mining during the first quarter worth approximately $29,000. Valeo Financial Advisors LLC acquired a new stake in shares of Cipher Mining in the 1st quarter valued at $37,000. Steward Partners Investment Advisory LLC raised its position in Cipher Mining by 258.1% in the 2nd 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. Signal Advisors Wealth LLC acquired a new position in shares of Cipher Mining during the second quarter worth approximately $48,000. Finally, Custos Family Office LLC acquired a new position in shares of Cipher Mining during the second quarter valued at $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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