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

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $14.99, but opened at $15.66. Cipher Mining shares last traded at $15.8950, with a volume of 6,421,475 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CIFR shares. HC Wainwright lifted their target price on Cipher Mining to $30.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Northland Securities set a $27.50 target price on shares of Cipher Mining in a research report on Tuesday, November 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Cipher Mining in a research report on Monday. Needham & Company LLC boosted their price target on shares of Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, JMP Securities set a $30.00 target price on shares of Cipher Mining in a report on Wednesday, November 19th. Thirteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $24.73.

Cipher Mining Trading Up 2.9%

The firm’s 50-day moving average price is $18.46 and its 200 day moving average price is $11.08. The company has a market cap of $6.09 billion, a price-to-earnings ratio of -85.19 and a beta of 2.91. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.07. The business had revenue of $106.69 million for the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. As a group, equities analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Transactions at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the transaction, the insider directly owned 71,437,719 shares of the company’s stock, valued at approximately $882,970,206.84. This represents a 4.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Iwaschuk sold 173,094 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total value of $3,898,076.88. Following the completion of the transaction, the insider owned 1,054,488 shares in the company, valued at approximately $23,747,069.76. The trade was a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,653,438 shares of company stock worth $222,743,298 in the last three months. Insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the company. Tudor Investment Corp ET AL increased its stake in Cipher Mining by 2,574.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 2,386,854 shares of the company’s stock valued at $30,050,000 after purchasing an additional 2,297,623 shares in the last quarter. Value Aligned Research Advisors LLC acquired a new position in shares of Cipher Mining during the third quarter valued at about $64,266,000. Swiss Life Asset Management Ltd acquired a new position in shares of Cipher Mining during the third quarter valued at about $149,000. CIBC Bancorp USA Inc. bought a new stake in shares of Cipher Mining during the third quarter worth about $356,000. Finally, Centaurus Financial Inc. raised its holdings in shares of Cipher Mining by 5.1% in the 3rd quarter. Centaurus Financial Inc. now owns 136,641 shares of the company’s stock worth $1,720,000 after acquiring an additional 6,679 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors.

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.