Cipher Mining (NASDAQ:CIFR) Shares Gap Down - Should You Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $5.73, but opened at $5.23. Cipher Mining shares last traded at $5.50, with a volume of 3,825,336 shares trading hands.

Analyst Ratings Changes

CIFR has been the subject of a number of recent research reports. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Canaccord Genuity Group reiterated a "buy" rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. JPMorgan Chase & Co. raised Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price objective on the stock in a report on Tuesday, December 10th. Northland Securities lifted their target price on Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald lowered their price target on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Tuesday. Ten analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $8.14.

Cipher Mining Stock Down 0.6 %

The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock's fifty day moving average price is $5.66 and its 200 day moving average price is $4.97. The stock has a market cap of $2.01 billion, a P/E ratio of -44.27 and a beta of 2.40.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on 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 $4,756,173.20. This trade represents a 7.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company's stock in a transaction dated 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 sale, the insider now owns 98,747,588 shares of the company's stock, valued at approximately $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 356,281 shares of company stock worth $2,384,189. 2.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the stock. Victory Capital Management Inc. grew its holdings in shares of Cipher Mining by 8.8% in 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 last quarter. Vima LLC grew its holdings in Cipher Mining by 11.3% in the 3rd quarter. Vima LLC now owns 24,656 shares of the company's stock worth $95,000 after acquiring an additional 2,504 shares during the last quarter. Verition Fund Management LLC grew its holdings in Cipher Mining by 30.7% in the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company's stock worth $51,000 after acquiring an additional 3,086 shares during the last quarter. Tobam increased its position in shares of Cipher Mining by 22.7% in the fourth quarter. Tobam now owns 18,023 shares of the company's stock valued at $84,000 after acquiring an additional 3,336 shares during the period. Finally, Navellier & Associates Inc. raised its stake in shares of Cipher Mining by 11.6% during the fourth quarter. Navellier & Associates Inc. now owns 36,274 shares of the company's stock valued at $168,000 after acquiring an additional 3,756 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

About Cipher Mining

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.