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

Key Points

• Cipher Mining shares jumped 15.5%, opening at $15.92 versus a prior close of $15.09 and recently trading near $16.73.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $28.61; recent targets range from $22 to $43.50.
• The company reported weaker-than-expected quarterly results, including a $0.65 per-share loss versus an expected $0.25 loss and revenue of $24.84 million versus estimates of $31.86 million.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $15.09, but opened at $15.92. Cipher Mining shares last traded at $16.7260, with a volume of 12,908,284 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CIFR. BTIG Research upped their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Morgan Stanley set a $43.50 price target on Cipher Mining in a research report on Thursday, August 6th. Sanford C. Bernstein started coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an "outperform" rating and a $32.00 price objective for the company. Rosenblatt Securities reiterated a "buy" rating and issued a $30.00 target price on shares of Cipher Mining in a report on Thursday, September 10th. Finally, JPMorgan Chase & Co. cut their target price on Cipher Mining from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $28.61.

Cipher Mining Stock Up 15.5%

The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of -6.08 and a beta of 3.15. The business's 50-day moving average is $18.57 and its 200-day moving average is $19.16. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The company had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same period last year, the business earned ($0.12) earnings per share. As a group, equities analysts predict that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, Director Cary Grossman sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the sale, the director directly owned 143,829 shares of the company's stock, valued at approximately $4,232,887.47. This trade represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.09% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds have recently modified their holdings of CIFR. Situational Awareness LP boosted its stake in Cipher Mining by 82.4% during the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company's stock worth $154,524,000 after buying an additional 4,728,600 shares during the period. Wellington Management Group LLP raised its stake in shares of Cipher Mining by 567.1% in the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock valued at $97,652,000 after acquiring an additional 3,388,359 shares in the last quarter. Graham Capital Management L.P. acquired a new stake in Cipher Mining in the fourth quarter valued at approximately $33,329,000. Capital Research Global Investors purchased a new stake in Cipher Mining during the 4th quarter worth about $29,460,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Cipher Mining during the 1st quarter worth approximately $24,486,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

About Cipher Mining

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.

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