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

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped up before the market opened on Friday . The stock had previously closed at $12.70, but opened at $13.66. Cipher Mining shares last traded at $14.0310, with a volume of 4,742,504 shares traded.

Wall Street Analyst Weigh In

CIFR has been the topic of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Wells Fargo & Company set a $18.00 price objective on Cipher Mining in a research report on Monday, November 24th. Canaccord Genuity Group restated a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a report on Monday, December 15th. Northland Securities set a $27.50 target price on shares of Cipher Mining in a research note on Tuesday, November 4th. Finally, Rosenblatt Securities lifted their price target on shares of Cipher Mining to $33.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $24.54.

Cipher Mining Trading Up 15.2%

The business has a 50-day moving average of $17.02 and a 200-day moving average of $14.03. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of -81.47 and a beta of 2.95. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%.The company had revenue of $106.69 million for the quarter, compared to analyst estimates of $79.13 million. As a group, research analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 35,569 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $15.08, for a total transaction of $536,380.52. Following the completion of the sale, the chief operating officer owned 1,151,770 shares in the company, valued at $17,368,691.60. This represents a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Newsome sold 21,821 shares of the firm’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $16.03, for a total transaction of $349,790.63. Following the transaction, the director directly owned 172,492 shares in the company, valued at $2,765,046.76. The trade was a 11.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 271,023 shares of company stock valued at $4,442,255. 2.63% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently made changes to their positions in the business. Leonteq Securities AG purchased a new position in shares of Cipher Mining during the fourth quarter worth about $414,000. Rathbones Group PLC purchased a new stake in Cipher Mining during the 4th quarter valued at approximately $159,000. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in Cipher Mining during the 4th quarter worth approximately $1,579,000. GSA Capital Partners LLP lifted its position in Cipher Mining by 45.4% during the 4th quarter. GSA Capital Partners LLP now owns 56,409 shares of the company’s stock worth $833,000 after acquiring an additional 17,619 shares during the period. Finally, Handelsbanken Fonder AB purchased a new position in shares of Cipher Mining in the 4th quarter valued at approximately $886,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

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.