Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $2.89

Cipher Mining Inc. (NASDAQ:CIFR) gapped up prior to trading on Friday . The stock had previously closed at $2.89, but opened at $2.97. Cipher Mining shares last traded at $2.87, with a volume of 584,630 shares trading hands.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several recent research reports. HC Wainwright increased their price objective 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Tuesday. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. 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 note on Thursday, August 15th. Finally, Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $7.42.

Cipher Mining Trading Down 5.9 %

The firm’s 50 day simple moving average is $4.54 and its two-hundred day simple moving average is $4.21. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The stock has a market cap of $843.28 million, a P/E ratio of 46.50 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. During the same quarter in the previous year, the firm posted ($0.05) EPS. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 336,377 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $4.58, for a total transaction of $1,540,606.66. Following the completion of the transaction, the insider now directly owns 115,145,728 shares of the company’s stock, valued at approximately $527,367,434.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 3,803,507 shares of company stock valued at $18,463,085. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares during the period. Millennium Management LLC boosted its position in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after buying an additional 2,938,184 shares during the period. Van ECK Associates Corp boosted its position in shares of Cipher Mining by 0.8% in the second quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock worth $11,437,000 after buying an additional 22,086 shares during the period. First Financial Bankshares Inc purchased a new position in shares of Cipher Mining during the fourth quarter valued at $9,901,000. Finally, Vident Advisory LLC raised its position in Cipher Mining by 94.9% during 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 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.