Cipher Mining (NASDAQ:CIFR) Shares Gap Down - What's Next?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $4.97, but opened at $4.84. Cipher Mining shares last traded at $4.68, with a volume of 1,219,410 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CIFR shares. Macquarie assumed coverage on Cipher Mining in a research report on Tuesday, September 24th. They issued an "outperform" rating and a $6.00 target price for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $7.00 target price on shares of Cipher Mining in a research note on Thursday, August 29th. Northland Securities started coverage on shares of Cipher Mining in a research report on Wednesday, September 25th. They issued an "outperform" rating and a $6.00 price target for the company. Compass Point boosted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a "buy" rating in a research report on Thursday, August 15th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. Seven equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $7.21.

Cipher Mining Stock Performance

The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The stock has a market cap of $1.67 billion, a P/E ratio of 89.67 and a beta of 2.25. The firm's 50-day moving average is $3.70 and its two-hundred day moving average is $4.18.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The business had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. During the same quarter in the previous year, the business earned ($0.05) EPS. As a group, research analysts expect that Cipher Mining Inc. will post -0.04 EPS for the current year.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 89,742 shares of the business's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider William Iwaschuk sold 150,000 shares of the firm's stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now directly owns 619,148 shares of the company's stock, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,943,078 shares of company stock valued at $17,389,769. Insiders own 2.25% of the company's stock.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Amalgamated Bank lifted its holdings in shares of Cipher Mining by 321.8% during the second 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. Xponance Inc. bought a new stake in Cipher Mining in the 2nd quarter valued at $45,000. Prospect Financial Services LLC bought a new stake in Cipher Mining in the 3rd quarter valued at $47,000. SG Americas Securities LLC acquired a new stake in Cipher Mining in the 3rd quarter worth $49,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Cipher Mining during the 1st quarter worth about $52,000. Institutional investors and hedge funds own 12.26% of the company's stock.

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.