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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Tuesday . The stock had previously closed at $16.34, but opened at $15.83. Cipher Mining shares last traded at $16.3770, with a volume of 1,510,781 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CIFR shares. Northland Securities set a $27.50 target price on shares of Cipher Mining in a report on Tuesday, November 4th. Arete Research started coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 price target on the stock. Wells Fargo & Company set a $18.00 price objective on Cipher Mining in a research report on Monday, November 24th. Macquarie lifted their target price on Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $27.00 target price on shares of Cipher Mining in a report on Monday, December 15th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and an average target price of $24.73.

Cipher Mining Trading Down 0.8%

The business has a fifty day moving average price of $18.24 and a 200-day moving average price of $11.41. 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 company has a market cap of $6.40 billion, a P/E ratio of -90.09 and a beta of 2.91.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, topping 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, analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 35,569 shares of Cipher Mining stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $15.08, for a total value of $536,380.52. Following the completion of the sale, the chief operating officer owned 1,151,770 shares in the company, valued at $17,368,691.60. The trade was a 3.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Iwaschuk sold 173,094 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total transaction of $3,898,076.88. Following the completion of the sale, the insider directly owned 1,054,488 shares of the company’s stock, valued at $23,747,069.76. This represents a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 12,889,007 shares of company stock valued at $200,581,679. 2.63% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CIFR. Sherman Asset Management Inc. bought a new stake in shares of Cipher Mining in the third quarter valued at approximately $25,000. Hollencrest Capital Management acquired a new position in Cipher Mining in the 3rd quarter valued at $31,000. Peterson Wealth Services bought a new stake in shares of Cipher Mining during the 3rd quarter valued at $41,000. Steward Partners Investment Advisory LLC grew its holdings in shares of Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after purchasing an additional 6,516 shares in the last quarter. Finally, Signal Advisors Wealth LLC acquired a new stake in shares of Cipher Mining during the 2nd quarter worth $48,000. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

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.