Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $14.88, but opened at $16.08. Cipher Mining shares last traded at $16.0910, with a volume of 16,632,215 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently commented on CIFR shares. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price target on shares of Cipher Mining in a research report on Wednesday. Keefe, Bruyette & Woods dropped their target price on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday, March 11th. Morgan Stanley assumed coverage on shares of Cipher Mining in a research report on Monday, February 9th. They issued an “overweight” rating and a $38.00 target price for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $27.00 price target on shares of Cipher Mining in a research note on Monday, December 15th. Finally, Rosenblatt Securities restated a “buy” rating and set a $24.00 price target on shares of Cipher Mining in a research report on Thursday, March 19th. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and an average target price of $23.68.

Cipher Mining Trading Up 7.4%

The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The company’s 50-day moving average is $15.92 and its 200-day moving average is $16.27. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of -7.40 and a beta of 2.96.

Insider Buying and Selling

In other news, Director James E. Newsome sold 45,161 shares of Cipher Mining stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the sale, the director owned 127,331 shares of the company’s stock, valued at approximately $2,004,189.94. The trade was a 26.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $14.98, for a total value of $532,808.64. Following the completion of the transaction, the chief operating officer owned 1,441,508 shares in the company, valued at $21,593,789.84. This represents a 2.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 116,297 shares of company stock valued at $1,875,330 in the last 90 days. Insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently modified their holdings of CIFR. Creek Drive Management Group LLC purchased a new position in shares of Cipher Mining during the 4th quarter worth $460,000. Purpose Unlimited Inc. purchased a new stake in Cipher Mining in the 4th quarter valued at about $1,558,000. Corient Private Wealth LLC acquired a new position in Cipher Mining in the fourth quarter valued at about $614,000. Caitong International Asset Management Co. Ltd boosted its stake in Cipher Mining by 63.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 101,179 shares of the company’s stock worth $1,493,000 after buying an additional 39,342 shares during the period. Finally, Kera Capital Partners Inc. purchased a new position in Cipher Mining during the fourth quarter worth about $196,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.