Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $3.20

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Wednesday . The stock had previously closed at $3.20, but opened at $3.08. Cipher Mining shares last traded at $3.01, with a volume of 2,014,477 shares changing hands.

Analysts Set New Price Targets

CIFR has been the topic of a number of research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Tuesday. Compass Point lifted their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. HC Wainwright boosted their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Needham & Company LLC raised their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has a consensus rating of “Buy” and a consensus target price of $7.42.

Cipher Mining Stock Performance

The firm has a market capitalization of $895.98 million, a price-to-earnings ratio of 48.00 and a beta of 2.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The stock’s fifty day moving average is $4.56 and its two-hundred day moving average is $4.22.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. During the same period in the prior year, the company posted ($0.05) EPS. Analysts forecast that Cipher Mining Inc. will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 319,747 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $4.21, for a total value of $1,346,134.87. Following the transaction, the insider now directly owns 115,790,611 shares of the company’s stock, valued at approximately $487,478,472.31. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 3,803,507 shares of company stock worth $18,463,085 in the last 90 days. 2.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its position in shares of Cipher Mining by 21.7% during the second quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock worth $99,000 after purchasing an additional 4,256 shares during the last quarter. Amalgamated Bank lifted its holdings in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its position in shares of Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after acquiring an additional 5,000 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Cipher Mining in the 1st quarter valued at approximately $52,000. Finally, Gabelli Funds LLC raised its position in shares of Cipher Mining by 25.0% during the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock valued at $258,000 after acquiring an additional 10,000 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.