Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $3.53

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.53, but opened at $3.64. Cipher Mining shares last traded at $3.66, with a volume of 1,360,293 shares changing hands.

Analyst Ratings Changes

CIFR has been the subject of a number of research analyst reports. Canaccord Genuity Group increased their price objective on shares of Cipher Mining from $6.00 to $7.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Needham & Company LLC increased their target price on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Cantor Fitzgerald initiated coverage on Cipher Mining in a research report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 target price for the company. Compass Point increased their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $7.42.

Cipher Mining Stock Performance

The company has a market capitalization of $1.17 billion, a P/E ratio of 61.67 and a beta of 2.29. The business has a 50-day moving average of $4.68 and a 200-day moving average of $4.24. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same period last year, the company earned ($0.05) earnings per share.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 308,973 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $3.72, for a total value of $1,149,379.56. Following the completion of the transaction, the insider now directly owns 117,012,102 shares of the company’s stock, valued at approximately $435,285,019.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 4,412,433 shares of company stock worth $20,785,281 in the last three months. Corporate insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Millennium Management LLC boosted its position in shares of Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp increased its position in Cipher Mining by 0.8% during the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock valued at $11,437,000 after buying an additional 22,086 shares in the last quarter. First Financial Bankshares Inc acquired a new position in Cipher Mining during the 4th quarter valued at about $9,901,000. Finally, Vident Advisory LLC raised its stake in Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after buying an additional 1,090,811 shares during the last quarter. 12.26% of the stock is 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.