Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up before the market opened on Monday . The stock had previously closed at $20.04, but opened at $21.46. Cipher Mining shares last traded at $21.9170, with a volume of 5,568,296 shares.

Analyst Ratings Changes

CIFR has been the subject of several research reports. Jefferies Financial Group started coverage on Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 target price for the company. Morgan Stanley decreased their price objective on Cipher Mining from $53.50 to $48.50 and set an “overweight” rating for the company in a report on Thursday, June 4th. Sanford C. Bernstein initiated coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. Finally, Needham & Company LLC raised their target price on shares of Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.31.

Cipher Mining Price Performance

The firm has a 50-day simple moving average of $22.77 and a 200-day simple moving average of $18.32. The firm has a market cap of $9.08 billion, a P/E ratio of -9.51 and a beta of 3.18. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The company’s revenue was down 28.8% compared to the same quarter last year. As a group, analysts forecast that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, Director Cary M. Grossman sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total transaction of $441,450.00. Following the sale, the director owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. The trade was a 9.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James E. Newsome sold 3,758 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total transaction of $99,962.80. Following the completion of the transaction, the director directly owned 128,530 shares of the company’s stock, valued at approximately $3,418,898. This represents a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 3,132,836 shares of company stock worth $81,420,063. 2.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of the company. HighTower Advisors LLC boosted its holdings in shares of Cipher Mining by 16.6% in the 4th quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock valued at $9,915,000 after acquiring an additional 95,686 shares during the last quarter. American Century Companies Inc. lifted its position in Cipher Mining by 138.2% during the third quarter. American Century Companies Inc. now owns 1,406,864 shares of the company’s stock valued at $17,712,000 after purchasing an additional 816,198 shares during the period. Foundations Investment Advisors LLC acquired a new position in Cipher Mining during the fourth quarter valued at $667,000. Purpose Unlimited Inc. acquired a new position in Cipher Mining during the fourth quarter valued at $1,558,000. Finally, Tyche Wealth Partners LLC boosted its holdings in Cipher Mining by 119.0% in the fourth quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company’s stock valued at $1,697,000 after purchasing an additional 62,500 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.