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

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up before the market opened on Wednesday . The stock had previously closed at $14.99, but opened at $15.66. Cipher Mining shares last traded at $15.8950, with a volume of 6,421,475 shares.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Citizens Jmp started coverage on shares of Cipher Mining in a research note on Wednesday, November 19th. They issued an “outperform” rating and a $30.00 price objective on the stock. Northland Securities set a $27.50 price target on Cipher Mining in a research report on Tuesday, November 4th. Needham & Company LLC boosted their target price on Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and increased their price target for the company from $12.00 to $18.00 in a research report on Monday, November 24th. Finally, Wells Fargo & Company set a $18.00 price objective on shares of Cipher Mining in a report on Monday, November 24th. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.73.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49. The company has a market cap of $6.09 billion, a price-to-earnings ratio of -85.19 and a beta of 2.91. The stock has a 50-day moving average price of $18.46 and a 200 day moving average price of $11.08.

Cipher Mining (NASDAQ:CIFR) last issued 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. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%.The business had revenue of $106.69 million during the quarter, compared to analyst estimates of $79.13 million. As a group, analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the completion of the transaction, the insider directly owned 71,437,719 shares of the company’s stock, valued at $882,970,206.84. This represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William Iwaschuk sold 173,094 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total value of $3,898,076.88. Following the transaction, the insider owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. The trade was a 14.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 14,653,438 shares of company stock valued at $222,743,298. Company insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently bought and sold shares of the company. Sherman Asset Management Inc. bought a new stake in Cipher Mining during the third quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Cipher Mining by 3.5% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 63,138 shares of the company’s stock valued at $795,000 after purchasing an additional 2,133 shares during the period. Hollencrest Capital Management bought a new stake in shares of Cipher Mining in the 3rd quarter valued at about $31,000. Vanguard Personalized Indexing Management LLC lifted its stake in Cipher Mining by 10.0% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 29,247 shares of the company’s stock valued at $368,000 after purchasing an additional 2,659 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in Cipher Mining by 7.9% during the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock worth $183,000 after purchasing an additional 2,812 shares during the period. Institutional investors and hedge funds 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.