Cipher Mining (NASDAQ:CIFR) Shares Gap Up - Should You Buy?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $4.81, but opened at $5.10. Cipher Mining shares last traded at $5.09, with a volume of 951,243 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CIFR shares. Canaccord Genuity Group reissued a "buy" rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Northland Capmk raised shares of Cipher Mining to a "strong-buy" rating in a research report on Wednesday, September 25th. Northland Securities upped their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a report on Wednesday, December 4th. Needham & Company LLC reaffirmed a "buy" rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $11.00 price target on shares of Cipher Mining in a research note on Tuesday, January 7th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $8.25.

Cipher Mining Price Performance

The stock's 50 day moving average is $6.09 and its two-hundred day moving average is $4.95. The stock has a market capitalization of $1.72 billion, a PE ratio of -38.07 and a beta of 2.38. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Cipher Mining (NASDAQ:CIFR - Get Free Report) 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). The firm had revenue of $24.10 million during 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 prior year, the company posted ($0.07) earnings per share. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the business's 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 sale, the chief operating officer now directly owns 664,270 shares of the company's stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,356,881 shares of company stock worth $8,608,389 over the last ninety days. Corporate insiders own 2.25% of the company's stock.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently modified their holdings of the company. Amalgamated Bank raised 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 buying an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in Cipher Mining during the 3rd quarter worth approximately $33,000. Xponance Inc. purchased a new position in shares of Cipher Mining during the 2nd quarter worth approximately $45,000. W Advisors LLC acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC purchased a new stake in shares of Cipher Mining in the third quarter valued at approximately $47,000. 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.