Cipher Mining (NASDAQ:CIFR) Shares Gap Down - Here's What Happened

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $4.98, but opened at $4.71. Cipher Mining shares last traded at $4.63, with a volume of 883,922 shares traded.

Analyst Upgrades and Downgrades

CIFR has been the subject of a number of research reports. Macquarie lifted their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a "buy" rating and set a $7.50 price target on shares of Cipher Mining in a research report on Friday, November 1st. BTIG Research upped their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a report on Friday, November 15th. Canaccord Genuity Group restated a "buy" rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Finally, Keefe, Bruyette & Woods began coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an "outperform" rating on the stock. 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 currently has a consensus rating of "Buy" and an average price target of $8.25.

Cipher Mining Price Performance

The company's 50-day moving average is $6.09 and its 200-day moving average is $4.95. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -37.00 and a beta of 2.38. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter last year, the company earned ($0.07) earnings per share. Equities research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the firm's stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. This trade represents a 1.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred on 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 sale, the chief operating officer now owns 664,270 shares of the company's stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock valued at $9,000,561 over the last ninety days. Corporate insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its position in shares of 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 acquiring an additional 2,101 shares during the last quarter. Vima LLC raised its holdings in shares of Cipher Mining by 11.3% in the third quarter. Vima LLC now owns 24,656 shares of the company's stock valued at $95,000 after acquiring an additional 2,504 shares in the last quarter. Verition Fund Management LLC increased its holdings in shares of Cipher Mining by 30.7% in the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company's stock valued at $51,000 after acquiring an additional 3,086 shares during the period. Amalgamated Bank raised its stake in shares of 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 in the last quarter. Finally, Strategic Blueprint LLC grew its stake in shares of Cipher Mining by 33.3% during the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company's stock worth $77,000 after acquiring an additional 5,000 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.