Cipher Mining (NASDAQ:CIFR) Shares Gap Down - Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $5.51, but opened at $5.32. Cipher Mining shares last traded at $5.32, with a volume of 815,126 shares traded.

Analysts Set New Price Targets

CIFR has been the topic of several research analyst reports. Macquarie upped their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Needham & Company LLC reiterated a "buy" rating and set a $7.50 target price on shares of Cipher Mining in a research note on Tuesday. JPMorgan Chase & Co. upgraded Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 price target on the stock in a research note on Tuesday, December 10th. HC Wainwright reissued a "buy" rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Securities boosted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of "Buy" and an average target price of $8.25.

Cipher Mining Stock Up 6.7 %

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 company has a 50 day simple moving average of $5.84 and a two-hundred day simple moving average of $5.00. The firm has a market capitalization of $2.05 billion, a P/E ratio of -45.38 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to analysts' expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the previous year, the business posted ($0.07) earnings per share. On average, equities analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares of the company's stock, valued at $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. Insiders have sold 1,356,881 shares of company stock valued at $8,608,389 in the last ninety days. Corporate insiders own 2.25% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. State Street Corp boosted its holdings in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company's stock valued at $26,777,000 after acquiring an additional 1,019,949 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company's stock valued at $21,327,000 after purchasing an additional 1,511,455 shares during the period. Millennium Management LLC grew its holdings in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company's stock worth $22,123,000 after purchasing an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp increased its stake in Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company's stock worth $15,094,000 after buying an additional 1,144,390 shares during the period. Finally, Tidal Investments LLC lifted its holdings in Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company's stock valued at $14,485,000 after buying an additional 1,584,874 shares in the last quarter. Hedge funds and other 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.