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

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $6.30, but opened at $6.05. Cipher Mining shares last traded at $6.13, with a volume of 716,164 shares.

Analyst Upgrades and Downgrades

CIFR has been the topic of several research reports. BTIG Research increased their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Compass Point increased their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Eight equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $7.72.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The stock’s 50-day moving average is $5.36 and its 200-day moving average is $4.64.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same period in the prior year, the firm posted ($0.07) EPS. Equities research analysts expect that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the transaction, the insider now owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. The trade was a 1.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. The trade was a 19.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,296,839 shares of company stock worth $25,974,602. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank boosted its position in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the 3rd quarter worth approximately $33,000. Xponance Inc. bought a new stake in Cipher Mining during the 2nd quarter worth approximately $45,000. W Advisors LLC bought a new position in Cipher Mining in the 3rd quarter valued at $45,000. Finally, Prospect Financial Services LLC acquired a new position in Cipher Mining in the third quarter worth $47,000. Institutional investors own 12.26% of the company’s stock.

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.