Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.58

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down prior to trading on Wednesday . The stock had previously closed at $4.58, but opened at $4.47. Cipher Mining shares last traded at $4.57, with a volume of 871,227 shares traded.

Analyst Upgrades and Downgrades

CIFR has been the topic of several analyst reports. Needham & Company LLC reissued a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a research report on Friday, June 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $6.00 price target (up previously from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. Cantor Fitzgerald initiated coverage on shares of Cipher Mining in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price objective for the company. Finally, HC Wainwright raised their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.25.

Cipher Mining Trading Up 1.5 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.08 and a current ratio of 8.08. The company has a market capitalization of $1.44 billion, a P/E ratio of 76.33 and a beta of 2.29. The company’s fifty day simple moving average is $4.19 and its 200-day simple moving average is $3.86.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter. The firm had revenue of $48.14 million for the quarter, compared to the consensus estimate of $50.05 million. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 490,275 shares of Cipher Mining stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $4.12, for a total value of $2,019,933.00. Following the transaction, the insider now owns 110,520,831 shares of the company’s stock, valued at approximately $455,345,823.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 4,692,735 shares of company stock valued at $20,486,934. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. First Financial Bankshares Inc purchased a new stake in Cipher Mining in the fourth quarter valued at approximately $9,901,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cipher Mining by 30.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock valued at $185,000 after acquiring an additional 10,998 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Cipher Mining by 107.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after acquiring an additional 358,897 shares during the period. Shariaportfolio Inc. purchased a new position in shares of Cipher Mining during the fourth quarter worth $2,460,000. Finally, Wolverine Asset Management LLC acquired a new position in Cipher Mining during the fourth quarter valued at $49,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.