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

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $5.50, but opened at $5.38. Cipher Mining shares last traded at $5.37, with a volume of 500,431 shares.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CIFR shares. BTIG Research upped their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Needham & Company LLC reaffirmed a "buy" rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Cantor Fitzgerald reissued an "overweight" rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, Northland Capmk upgraded shares of Cipher Mining to a "strong-buy" rating in a research note on Wednesday, September 25th. Nine equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $8.03.

Cipher Mining Stock Down 4.4 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a market capitalization of $1.83 billion, a PE ratio of -40.46 and a beta of 2.29. The firm's 50-day simple moving average is $6.14 and its 200 day simple moving average is $4.91.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same period in the prior year, the firm posted ($0.07) earnings per share. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the firm's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the sale, the insider now owns 99,047,588 shares of the company's stock, valued at $616,075,997.36. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,446,623 shares of company stock valued at $9,000,561 over the last three months. 2.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of CIFR. State Street Corp raised its holdings in shares of 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 buying an additional 1,019,949 shares during the period. Paloma Partners Management Co purchased a new position in shares of Cipher Mining during the 3rd quarter valued at approximately $4,029,000. Dark Forest Capital Management LP acquired a new position in Cipher Mining during the 2nd quarter worth $1,332,000. Bank of New York Mellon Corp lifted its holdings in Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company's stock worth $2,279,000 after buying an additional 389,079 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Cipher Mining by 47.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company's stock valued at $383,000 after buying an additional 31,815 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

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.