Cipher Mining (NASDAQ:CIFR) Shares Gap Down – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down prior to trading on Thursday . The stock had previously closed at $16.90, but opened at $16.05. Cipher Mining shares last traded at $16.4180, with a volume of 17,255,120 shares changing hands.

Analyst Ratings Changes

Several analysts have recently weighed in on CIFR shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $30.00 target price on shares of Cipher Mining in a report on Thursday. UBS Group set a $30.00 price objective on Cipher Mining in a report on Monday, August 10th. Sanford C. Bernstein initiated coverage on Cipher Mining in a research note on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price for the company. Morgan Stanley set a $43.50 price target on shares of Cipher Mining in a report on Thursday, August 6th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Cipher Mining in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Cipher Mining Stock Performance

The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of -5.89 and a beta of 3.15. The stock has a fifty day moving average price of $18.80 and a two-hundred day moving average price of $19.15. 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) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 585.75% and a negative return on equity of 156.28%. During the same period in the previous year, the business earned ($0.12) EPS. As a group, analysts forecast that Cipher Mining Inc. will post -1.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the sale, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Newsome sold 3,758 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director owned 128,530 shares of the company’s stock, valued at $3,418,898. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 131,258 shares of company stock worth $2,925,288. 3.09% of the stock is owned by insiders.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the stock. CoreCap Advisors LLC raised its stake in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares during the period. Abel Hall LLC grew its stake in shares of Cipher Mining by 3.8% during the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after buying an additional 739 shares during the period. Rathbones Group PLC grew its stake in shares of Cipher Mining by 7.0% during the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after buying an additional 750 shares during the period. Navellier & Associates Inc. increased its holdings in shares of Cipher Mining by 3.7% during the 2nd quarter. Navellier & Associates Inc. now owns 25,230 shares of the company’s stock worth $618,000 after buying an additional 901 shares during the last quarter. Finally, Prospera Financial Services Inc increased its holdings in shares of Cipher Mining by 6.7% during the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock worth $230,000 after buying an additional 980 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.