Cipher Mining (NASDAQ:CIFR) Shares Gap Down – What’s Next?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Friday . The stock had previously closed at $16.77, but opened at $16.19. Cipher Mining shares last traded at $16.38, with a volume of 2,771,795 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Sanford C. Bernstein started coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target for the company. Jefferies Financial Group assumed coverage on shares of Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 target price for the company. UBS Group set a $30.00 target price on Cipher Mining in a research note on Monday, August 10th. Finally, Citigroup reiterated a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.61.

Cipher Mining Trading Down 7.3%

The firm has a market cap of $6.45 billion, a price-to-earnings ratio of -5.43 and a beta of 3.20. The company’s 50-day moving average price is $20.67 and its 200-day moving average price is $19.14. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The company had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. Equities analysts expect that Cipher Mining Inc. will post -1.37 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, CEO Tyler Page sold 112,500 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total value of $2,383,875.00. Following the sale, the chief executive officer owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cary M. Grossman sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the transaction, the director owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This trade represents a 9.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 3,131,258 shares of company stock valued at $81,429,288 over the last three months. 3.09% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after acquiring an additional 9,865,533 shares during the last quarter. California State Teachers Retirement System raised its holdings in Cipher Mining by 2,413.6% during the second quarter. California State Teachers Retirement System now owns 9,198,966 shares of the company’s stock worth $225,375,000 after purchasing an additional 8,833,000 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining during the 3rd quarter worth approximately $70,524,000. Situational Awareness LP boosted its holdings in shares of Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after buying an additional 4,728,600 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Cipher Mining by 3,718.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock valued at $63,359,000 after buying an additional 4,180,362 shares during the last quarter. 12.26% of the stock is 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.