Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Monday . The stock had previously closed at $4.98, but opened at $4.71. Cipher Mining shares last traded at $4.63, with a volume of 883,922 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CIFR shares. BTIG Research lifted their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Northland Securities lifted their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Stock Performance

The firm has a 50 day moving average of $6.09 and a two-hundred day moving average of $4.95. The stock has a market cap of $1.66 billion, a PE ratio of -36.77 and a beta of 2.38. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the previous year, the firm earned ($0.07) EPS. Research analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CIFR. Millennium Management LLC increased its holdings in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares during the period. Tidal Investments LLC increased its holdings in shares of Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after purchasing an additional 1,584,874 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares during the period. Van ECK Associates Corp increased its holdings in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the period. Finally, Paloma Partners Management Co acquired a new position in Cipher Mining during the third quarter worth $4,029,000. 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.