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

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up prior to trading on Monday . The stock had previously closed at $20.04, but opened at $21.46. Cipher Mining shares last traded at $21.9170, with a volume of 5,568,296 shares traded.

Wall Street Analysts Forecast Growth

CIFR has been the topic of several recent analyst reports. HC Wainwright increased their price objective on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Jefferies Financial Group initiated 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. BTIG Research increased their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Morgan Stanley reduced their price target on shares of Cipher Mining from $53.50 to $48.50 and set an “overweight” rating for the company in a research report on Thursday, June 4th. Finally, Keefe, Bruyette & Woods upped their price objective on Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.31.

Cipher Mining Price Performance

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 business’s 50 day moving average price is $22.87 and its 200 day moving average price is $18.41. The stock has a market capitalization of $8.37 billion, a P/E ratio of -8.79 and a beta of 3.18.

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

Insider Buying and Selling

In other Cipher Mining news, Director James E. Newsome sold 3,758 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total value of $99,962.80. Following the transaction, the director owned 128,530 shares of the company’s stock, valued at approximately $3,418,898. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wesley Hastie Williams sold 14,567 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $21.41, for a total value of $311,879.47. Following the completion of the transaction, the director directly owned 115,409 shares in the company, valued at $2,470,906.69. The trade was a 11.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,132,836 shares of company stock valued at $81,420,063 over the last ninety days. 2.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently made changes to their positions in the business. HighTower Advisors LLC boosted its stake in shares of Cipher Mining by 16.6% during the 4th quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after acquiring an additional 95,686 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Cipher Mining by 138.2% in the 3rd quarter. American Century Companies Inc. now owns 1,406,864 shares of the company’s stock worth $17,712,000 after purchasing an additional 816,198 shares in the last quarter. Foundations Investment Advisors LLC bought a new position in Cipher Mining in the 4th quarter worth $667,000. Purpose Unlimited Inc. purchased a new position in Cipher Mining during the fourth quarter valued at $1,558,000. Finally, Tyche Wealth Partners LLC lifted its position in Cipher Mining by 119.0% during the fourth quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company’s stock valued at $1,697,000 after purchasing an additional 62,500 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

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.