Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up before the market opened on Thursday . The stock had previously closed at $17.69, but opened at $19.74. Cipher Mining shares last traded at $22.1390, with a volume of 9,951,559 shares traded.

Analyst Ratings Changes

CIFR has been the topic of a number of recent research reports. Cantor Fitzgerald cut their target price on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Chardan Capital initiated coverage on shares of Cipher Mining in a research note on Monday. They issued a “buy” rating and a $32.00 price objective on the stock. HC Wainwright increased their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. BTIG Research boosted their price target on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Sanford C. Bernstein started coverage on Cipher Mining in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $28.74.

Cipher Mining Stock Up 24.6%

The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The company has a market capitalization of $9.02 billion, a price-to-earnings ratio of -9.48 and a beta of 3.18. The firm’s 50-day simple moving average is $23.31 and its two-hundred day simple moving average is $19.00.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The company had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company’s revenue for the quarter was down 28.8% on a year-over-year basis. Sell-side analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, Director Wesley Hastie Williams sold 28,169 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total value of $627,041.94. Following the sale, the director owned 129,976 shares of the company’s stock, valued at approximately $2,893,265.76. This represents a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total value of $47,916,000.00. Following the completion of the transaction, the insider owned 59,516,694 shares of the company’s stock, valued at approximately $1,584,334,394.28. This represents a 2.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 3,245,336 shares of company stock worth $83,803,938 over the last ninety days. 2.63% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC purchased a new position in Cipher Mining during the 1st quarter valued at about $9,316,000. Goldman Sachs Group Inc. lifted its holdings in shares of Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after purchasing an additional 1,610,073 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of Cipher Mining in the second quarter valued at about $98,000. Prudential Financial Inc. grew its position in shares of Cipher Mining by 113.7% in the second quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock valued at $151,000 after purchasing an additional 16,810 shares during the last quarter. Finally, XTX Topco Ltd grew its position in shares of Cipher Mining by 65.2% in the second quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock valued at $142,000 after purchasing an additional 11,725 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.