Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Time to Sell?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Friday . The stock had previously closed at $6.19, but opened at $6.03. Cipher Mining shares last traded at $6.06, with a volume of 1,581,541 shares traded.

Wall Street Analysts Forecast Growth

CIFR has been the subject of a number of analyst reports. BTIG Research lifted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Securities began coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and an average price target of $7.72.

Cipher Mining Stock Performance

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 stock’s fifty day moving average price is $4.88 and its 200-day moving average price is $4.51. The company has a market capitalization of $2.27 billion, a P/E ratio of -47.73 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (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 the consensus estimate 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 previous year, the company posted ($0.07) earnings per share. As a group, research analysts anticipate that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This represents a 7.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the transaction, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The trade was a 19.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,296,839 shares of company stock valued at $25,974,602 in the last three months. 2.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC purchased a new position in Cipher Mining during the first quarter worth about $52,000. SG Americas Securities LLC purchased a new position in Cipher Mining in the 1st quarter worth approximately $74,000. Swiss National Bank grew its stake in Cipher Mining by 27.0% in the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after buying an additional 26,700 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares in the last quarter. Finally, Gabelli Funds LLC boosted its stake in shares of Cipher Mining by 25.0% in the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock valued at $258,000 after purchasing an additional 10,000 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.