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

Key Points

• Cipher Mining shares jumped from a $16.33 close to a $17.19 open and last traded near $18.02, amid heavy volume.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $28.61, although ratings range from “Strong Buy” to “Sell.”
• The company reported a quarterly loss of $0.65 per share and revenue of $24.84 million, missing estimates of a $0.25 loss and $31.86 million in revenue; insiders have also sold more than 3.1 million shares over the past three months.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $16.33, but opened at $17.19. Cipher Mining shares last traded at $18.0240, with a volume of 5,920,845 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Chardan Capital reaffirmed a "buy" rating and set a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. Morgan Stanley set a $43.50 price objective on Cipher Mining in a research report on Thursday. HC Wainwright lifted their target price on Cipher Mining from $25.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. lowered their target price on Cipher Mining from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Friday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cipher Mining in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.61.

Cipher Mining Price Performance

The stock has a 50-day moving average price of $22.79 and a 200 day moving average price of $19.12. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The firm has a market cap of $7.26 billion, a price-to-earnings ratio of -6.12 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same period last year, the company earned ($0.12) earnings per share. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, Director Wesley Hastie Williams sold 14,567 shares of the firm's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $21.41, for a total value of $311,879.47. Following the completion of the sale, the director owned 115,409 shares in the company, valued at approximately $2,470,906.69. This trade represents a 11.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer directly owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 3,145,825 shares of company stock valued at $81,741,167. Corporate insiders own 3.09% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC purchased a new stake in Cipher Mining during the fourth quarter worth about $25,000. Arax Advisory Partners increased its holdings in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock valued at $27,000 after buying an additional 1,338 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Cipher Mining in the fourth quarter valued at about $28,000. Danske Bank A S lifted its position in shares of Cipher Mining by 1,150.0% during the 4th quarter. Danske Bank A S now owns 2,500 shares of the company's stock valued at $37,000 after acquiring an additional 2,300 shares during the period. Finally, CWM LLC lifted its position in shares of Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company's stock valued at $39,000 after acquiring an additional 804 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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