Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $4.27

Shares of Cipher Mining Inc. (NASDAQ:CIFRGet Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $4.27, but opened at $4.39. Cipher Mining shares last traded at $4.28, with a volume of 500,337 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CIFR shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a report on Friday, June 7th. Cantor Fitzgerald started coverage on Cipher Mining in a report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 target price for the company. HC Wainwright upped their target price on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $6.00 price objective (up from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $6.25.

Check Out Our Latest Report on Cipher Mining

Cipher Mining Trading Up 2.8 %

The firm has a fifty day simple moving average of $4.14 and a two-hundred day simple moving average of $3.79. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. The firm has a market capitalization of $1.36 billion, a P/E ratio of 71.18 and a beta of 2.28.

Cipher Mining (NASDAQ:CIFRGet Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The company had revenue of $48.14 million for the quarter, compared to the consensus estimate of $50.05 million.

Insider Activity

In other news, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $3.99, for a total transaction of $1,182,464.43. Following the transaction, the insider now directly owns 118,223,411 shares of the company’s stock, valued at $471,711,409.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have sold 3,291,715 shares of company stock valued at $14,537,483. 2.25% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CIFR. First Financial Bankshares Inc bought a new stake in shares of Cipher Mining in the fourth quarter worth about $9,901,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Cipher Mining by 30.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock valued at $185,000 after acquiring an additional 10,998 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after acquiring an additional 358,897 shares in the last quarter. Shariaportfolio Inc. bought a new stake in Cipher Mining during the 4th quarter valued at approximately $2,460,000. Finally, Wolverine Asset Management LLC bought a new stake in Cipher Mining during the 4th quarter valued at approximately $49,000. 12.26% of the stock is owned by institutional investors.

Cipher Mining Company Profile

(Get Free Report)

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.

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