Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Should You Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) 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.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Northland Securities boosted their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. BTIG Research boosted their price target on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $11.00 price objective on shares of Cipher Mining in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research report on Tuesday, December 10th. Ten investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, 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 simple moving average is $5.84 and its 200 day simple moving average is $5.00. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) 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 company had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the prior year, the business posted ($0.07) EPS. Research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, 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 the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,356,881 shares of company stock valued at $8,608,389. 2.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of CIFR. Amalgamated Bank increased its stake in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares during the last quarter. Farther Finance Advisors LLC bought a new position in shares of Cipher Mining in the third quarter worth about $33,000. KBC Group NV purchased a new position in Cipher Mining in the 4th quarter worth about $46,000. Finally, Xponance Inc. bought a new stake in Cipher Mining during the 2nd quarter valued at about $45,000. 12.26% of the stock is 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.