Cipher Mining (NASDAQ:CIFR) Shares Gap Up – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $4.51, but opened at $4.70. Cipher Mining shares last traded at $4.48, with a volume of 1,811,193 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CIFR. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating for the company. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research report on Tuesday, December 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Tuesday, January 21st. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Price 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 business’s 50-day moving average price is $5.76 and its two-hundred day moving average price is $5.01.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the prior year, the business earned ($0.07) earnings per share. On average, analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, 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. Over the last three months, insiders sold 356,881 shares of company stock worth $2,388,389. Corporate insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. grew its stake in Cipher Mining by 129.4% during the 2nd quarter. American Century Companies Inc. now owns 176,783 shares of the company’s stock worth $734,000 after buying an additional 99,736 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Cipher Mining during the second quarter valued at $2,142,000. Amalgamated Bank grew its position in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the last quarter. Xponance Inc. acquired a new stake in shares of Cipher Mining in the 2nd quarter worth about $45,000. Finally, AQR Capital Management LLC lifted its position in Cipher Mining by 55.3% in the 2nd quarter. AQR Capital Management LLC now owns 69,789 shares of the company’s stock valued at $290,000 after purchasing an additional 24,842 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.