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

Key Points

• Cipher Mining shares gapped up from a prior close of $8.98 to open at $9.49, with more than 12.4 million shares traded.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and a $28.56 average price target, despite one sell rating.
• The company reported weaker-than-expected quarterly results, including a $0.65 per-share loss versus the expected $0.25 loss and revenue of $24.84 million versus $31.86 million expected.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped up prior to trading on Monday. The stock had previously closed at $8.98, but opened at $9.49. Cipher Mining shares last traded at $9.1270, with a volume of 12,445,562 shares.

Wall Street Analysts Forecast Growth

CIFR has been the topic of several recent analyst reports. UBS Group assumed coverage on Cipher Mining in a report on Wednesday, September 23rd. They issued a "buy" rating and a $23.00 price target on the stock. BTIG Research boosted their price objective on Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Cipher Mining in a research report on Monday, September 21st. Wells Fargo & Company assumed coverage on shares of Cipher Mining in a research report on Thursday, September 17th. They issued an "overweight" rating and a $25.00 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research note on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $28.56.

Cipher Mining Price Performance

The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69. The stock has a market capitalization of $3.86 billion, a PE ratio of -3.26 and a beta of 3.20. The business has a fifty day moving average price of $15.93 and a 200-day moving average price of $19.25.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million for the quarter, compared to analysts' expectations 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 in the prior year, the business posted ($0.12) earnings per share. Research analysts expect that Cipher Mining Inc. will post -1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in shares of Cipher Mining by 567.1% during the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock valued at $97,652,000 after purchasing an additional 3,388,359 shares during the period. Renaissance Technologies LLC purchased a new position in Cipher Mining during the 1st quarter valued at about $24,486,000. Moore Capital Management LP bought a new position in Cipher Mining during the 2nd quarter valued at approximately $35,077,000. Troluce Capital Advisors LLC bought a new position in Cipher Mining during the 1st quarter valued at approximately $17,374,000. Finally, Bank of America Corp DE raised its position in Cipher Mining by 237.7% during the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company's stock valued at $18,207,000 after purchasing an additional 995,735 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.

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