Cipher Mining (NASDAQ:CIFR) Shares Gap Up – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $4.51, but opened at $4.70. Cipher Mining shares last traded at $4.48, with a volume of 1,811,193 shares changing hands.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several recent analyst reports. Northland Securities increased their price target on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a research report on Tuesday, January 21st. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price target on shares of Cipher Mining in a research report on Tuesday, January 7th. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a report on Tuesday, December 10th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $8.25.

Cipher Mining Stock Up 0.2 %

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average price of $5.76 and a 200-day moving average price of $5.01.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The company had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 356,881 shares of company stock valued at $2,388,389. 2.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its position in Cipher Mining by 8.8% during the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after purchasing an additional 2,101 shares during the period. Vima LLC lifted its stake in shares of Cipher Mining by 11.3% in the third quarter. Vima LLC now owns 24,656 shares of the company’s stock worth $95,000 after buying an additional 2,504 shares during the last quarter. Verition Fund Management LLC boosted its holdings in shares of Cipher Mining by 30.7% during the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock worth $51,000 after buying an additional 3,086 shares during the period. Tobam raised its holdings in Cipher Mining by 22.7% in the 4th quarter. Tobam now owns 18,023 shares of the company’s stock worth $84,000 after acquiring an additional 3,336 shares during the period. Finally, Amalgamated Bank lifted its position 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 acquiring an additional 4,557 shares during the last quarter. Institutional investors and hedge funds 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.