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

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped up before the market opened on Monday . The stock had previously closed at $17.56, but opened at $18.78. Cipher Mining shares last traded at $19.9960, with a volume of 5,464,502 shares.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Sanford C. Bernstein started coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 target price on the stock. Keefe, Bruyette & Woods increased their target price on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Jefferies Financial Group began coverage on shares of Cipher Mining in a report on Thursday, May 14th. They set a “buy” rating and a $32.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Finally, BTIG Research upped their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $28.22.

Cipher Mining Stock Up 11.4%

The company has a market cap of $9.36 billion, a P/E ratio of -9.82 and a beta of 3.18. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13. The firm’s 50 day moving average price is $23.08 and its 200-day moving average price is $18.76.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The business had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining’s revenue for the quarter was down 28.8% compared to the same quarter last year. As a group, equities research analysts expect that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insider Activity

In related news, Director Wesley Hastie Williams sold 14,567 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $21.41, for a total value of $311,879.47. Following the completion of the sale, the director owned 115,409 shares in the company, valued at approximately $2,470,906.69. This represents a 11.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James E. Newsome sold 3,758 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the sale, the director owned 128,530 shares of the company’s stock, valued at $3,418,898. This represents a 2.84% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 3,245,336 shares of company stock worth $83,803,938. Corporate insiders own 2.63% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently modified their holdings of the stock. Los Angeles Capital Management LLC acquired a new stake in shares of Cipher Mining in the 4th quarter valued at approximately $25,000. Arax Advisory Partners boosted its stake in Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC grew its holdings in Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after purchasing an additional 1,286 shares during the period. Meeder Asset Management Inc. acquired a new position in Cipher Mining during the fourth quarter valued at approximately $28,000. Finally, Danske Bank A S increased its stake in Cipher Mining by 1,150.0% in the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after purchasing an additional 2,300 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.