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

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Thursday . The stock had previously closed at $17.38, but opened at $16.65. Cipher Mining shares last traded at $16.3810, with a volume of 7,571,325 shares trading hands.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of analyst reports. Needham & Company LLC raised their price objective on Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Arete Research assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price objective on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $27.00 target price (up previously from $16.00) on shares of Cipher Mining in a research note on Tuesday, November 4th. BTIG Research reaffirmed a “buy” rating and set a $25.00 price target on shares of Cipher Mining in a research report on Wednesday, November 5th. Finally, Arete began coverage on Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and an average price target of $23.77.

Cipher Mining Price Performance

The firm has a market capitalization of $5.67 billion, a PE ratio of -79.78 and a beta of 2.91. The business’s 50 day moving average is $16.18 and its two-hundred day moving average is $8.81. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.07. The company had revenue of $106.69 million during the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. Equities research analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Holly Morrow Evans sold 16,269 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $17.39, for a total value of $282,917.91. Following the transaction, the director owned 210,512 shares in the company, valued at approximately $3,660,803.68. This trade represents a 7.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wesley Hastie Williams sold 18,769 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $17.51, for a total value of $328,645.19. Following the sale, the director owned 208,012 shares in the company, valued at approximately $3,642,290.12. This represents a 8.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,812,616 shares of company stock worth $280,307,675 in the last 90 days. 2.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of CIFR. Sherman Asset Management Inc. acquired a new stake in Cipher Mining in the 3rd quarter valued at about $25,000. Stoneridge Investment Partners LLC purchased a new position in Cipher Mining in the first quarter worth approximately $29,000. Hollencrest Capital Management acquired a new position in Cipher Mining during the 3rd quarter worth approximately $31,000. Peterson Wealth Services acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at $41,000. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of Cipher Mining by 258.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after purchasing an additional 6,516 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

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.