Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $4.81, but opened at $5.10. Cipher Mining shares last traded at $5.09, with a volume of 951,243 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CIFR shares. BTIG Research upped their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Ten research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Trading Up 7.1 %

The business has a fifty day moving average of $6.09 and a 200-day moving average of $4.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a market capitalization of $1.79 billion, a P/E ratio of -39.61 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same period last year, the company earned ($0.07) earnings per share. Analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,356,881 shares of company stock worth $8,608,389 in the last quarter. Insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its position in Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after acquiring an additional 389,079 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of Cipher Mining in the second quarter worth approximately $88,000. Rhumbline Advisers increased its stake in shares of Cipher Mining by 253.7% in the second quarter. Rhumbline Advisers now owns 226,905 shares of the company’s stock worth $942,000 after buying an additional 162,749 shares during the period. Victory Capital Management Inc. raised its holdings in Cipher Mining by 21.7% during the 2nd quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock valued at $99,000 after buying an additional 4,256 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in Cipher Mining by 184.6% during the 2nd quarter. Arizona State Retirement System now owns 49,802 shares of the company’s stock valued at $207,000 after buying an additional 32,305 shares during the period. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

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.