Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up prior to trading on Tuesday . The stock had previously closed at $4.66, but opened at $4.84. Cipher Mining shares last traded at $4.71, with a volume of 1,354,619 shares changing hands.

Analyst Upgrades and Downgrades

CIFR has been the subject of a number of analyst reports. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. BTIG Research increased their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Northland Securities boosted their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a report on Tuesday, December 10th. Nine equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Buy” and an average price target of $8.03.

Cipher Mining Price Performance

The company’s fifty day simple moving average is $6.11 and its two-hundred day simple moving average is $4.92. The stock has a market capitalization of $1.61 billion, a PE ratio of -35.69 and a beta of 2.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter last year, the firm earned ($0.07) earnings per share. As a group, sell-side analysts predict that Cipher Mining Inc. will post -0.18 EPS for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, 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 transaction of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction on Thursday, November 7th. The shares were 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 of the company’s stock, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,446,623 shares of company stock worth $9,000,561. 2.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Amalgamated Bank grew its stake in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter valued at approximately $33,000. Xponance Inc. bought a new position in Cipher Mining during the second quarter worth $45,000. W Advisors LLC acquired a new position in Cipher Mining in the third quarter worth $45,000. Finally, Prospect Financial Services LLC bought a new stake in Cipher Mining during the third quarter valued at $47,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.