Cipher Mining (NASDAQ:CIFR) Shares Gap Up – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $17.52, but opened at $18.50. Cipher Mining shares last traded at $18.6930, with a volume of 12,090,973 shares traded.

Wall Street Analysts Forecast Growth

CIFR has been the topic of several research reports. Needham & Company LLC raised their price objective 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. Canaccord Genuity Group restated a “buy” rating and issued a $27.00 price target (up previously from $16.00) on shares of Cipher Mining in a research report on Tuesday, November 4th. Arete initiated coverage on Cipher Mining in a research note on Wednesday, September 24th. They set a “buy” rating and a $24.00 price objective for the company. Northland Securities set a $27.50 price objective on Cipher Mining in a research report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $12.00 to $18.00 in a research note on Monday. Fifteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average price target of $24.68.

Cipher Mining Stock Up 4.4%

The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $7.23 billion, a PE ratio of -101.77 and a beta of 2.91. The firm’s fifty day moving average is $16.91 and its 200-day moving average is $9.49.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. The company had revenue of $106.69 million for the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. On average, equities research analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the transaction, the insider owned 71,437,719 shares in the company, valued at approximately $882,970,206.84. This represents a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 20,758,308 shares of company stock worth $280,420,794 over the last quarter. Corporate insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently made changes to their positions in CIFR. Sherman Asset Management Inc. purchased a new position in Cipher Mining during the third quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Cipher Mining by 3.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 63,138 shares of the company’s stock valued at $795,000 after acquiring an additional 2,133 shares during the last quarter. Hollencrest Capital Management acquired a new stake in shares of Cipher Mining during the third quarter valued at $31,000. Vanguard Personalized Indexing Management LLC increased its position in Cipher Mining by 10.0% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 29,247 shares of the company’s stock worth $368,000 after purchasing an additional 2,659 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Cipher Mining by 7.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock valued at $183,000 after purchasing an additional 2,812 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other 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.