Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $14.88, but opened at $16.08. Cipher Mining shares last traded at $16.0910, with a volume of 16,632,215 shares trading hands.

Analyst Ratings Changes

A number of research firms recently weighed in on CIFR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research report on Monday, December 29th. Keefe, Bruyette & Woods decreased their price target on Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 11th. Rosenblatt Securities restated a “buy” rating and set a $24.00 price target on shares of Cipher Mining in a research report on Thursday, March 19th. HC Wainwright dropped their price objective on Cipher Mining to $25.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Finally, Morgan Stanley began coverage on Cipher Mining in a report on Monday, February 9th. They issued an “overweight” rating and a $38.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Cipher Mining currently has a consensus rating of “Moderate Buy” and an average target price of $23.68.

Cipher Mining Stock Up 7.4%

The firm has a market cap of $6.48 billion, a PE ratio of -7.40 and a beta of 2.96. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The business has a 50-day moving average price of $15.92 and a two-hundred day moving average price of $16.27.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, Director James E. Newsome sold 45,161 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $15.74, for a total transaction of $710,834.14. Following the sale, the director owned 127,331 shares in the company, valued at $2,004,189.94. This represents a 26.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Patrick Arthur Kelly sold 35,568 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $14.98, for a total value of $532,808.64. Following the completion of the sale, the chief operating officer directly owned 1,441,508 shares in the company, valued at $21,593,789.84. This represents a 2.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 116,297 shares of company stock valued at $1,875,330 over the last three months. 2.63% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

Several hedge funds have recently added to or reduced their stakes in CIFR. Los Angeles Capital Management LLC acquired a new position in Cipher Mining during the 4th quarter worth approximately $25,000. Arax Advisory Partners raised its holdings in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after purchasing an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Cipher Mining during the 4th quarter worth $28,000. Finally, Sherman Asset Management Inc. purchased a new stake in shares of Cipher Mining during the 3rd quarter worth $25,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.