Cipher Mining (NASDAQ:CIFR) Shares Gap Up to $3.01

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $3.01, but opened at $3.13. Cipher Mining shares last traded at $3.06, with a volume of 655,470 shares.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a report on Tuesday, September 3rd. Compass Point increased their price objective on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC increased their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Thursday, August 29th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $7.70.

Cipher Mining Stock Up 0.7 %

The company has a market capitalization of $939.39 million, a price-to-earnings ratio of 50.17 and a beta of 2.24. The business has a 50-day simple moving average of $4.32 and a two-hundred day simple moving average of $4.21. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $39.17 million. During the same quarter last year, the business earned ($0.05) EPS. As a group, equities analysts predict that Cipher Mining Inc. will post -0.05 EPS for the current year.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $2.87, for a total value of $5,456,191.44. Following the transaction, the insider now directly owns 102,044,892 shares of the company’s stock, valued at approximately $292,868,840.04. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold 8,108,357 shares of company stock worth $28,338,868 over the last ninety days. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. 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 valued at $25,000 after purchasing an additional 4,557 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Cipher Mining during the 1st quarter worth $52,000. Xponance Inc. bought a new position in shares of Cipher Mining in the 2nd quarter worth about $45,000. Price T Rowe Associates Inc. MD bought a new stake in Cipher Mining in the 1st quarter valued at about $59,000. Finally, SG Americas Securities LLC bought a new stake in Cipher Mining in the 1st quarter valued at about $74,000. 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.