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

Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Wednesday. The stock had previously closed at $11.34, but opened at $10.74. Cipher Mining shares last traded at $10.57, with a volume of 17,100,489 shares trading hands.

Analyst Ratings Changes

CIFR has been the topic of a number of research reports. Chardan Capital restated a “buy” rating and issued a $32.00 price target on shares of Cipher Mining in a research note on Tuesday, August 4th. BTIG Research upped their price objective on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. JPMorgan Chase & Co. lowered their target price on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Rothschild & Co Redburn initiated coverage on Cipher Mining in a report on Monday, September 21st. They issued a “neutral” rating and a $18.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating on shares of Cipher Mining in a research report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $28.72.

Cipher Mining Price Performance

The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69. The stock has a market capitalization of $4.17 billion, a PE ratio of -3.51 and a beta of 3.20. The firm has a 50 day moving average price of $16.09 and a 200 day moving average price of $19.27.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The company had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. During the same period in the prior year, the business posted ($0.12) earnings per share. Research analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. GK Wealth Management LLC bought a new stake in Cipher Mining during the 3rd quarter worth approximately $25,000. CoreCap Advisors LLC lifted its holdings in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after purchasing an additional 500 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Cipher Mining by 259.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock valued at $43,000 after purchasing an additional 2,423 shares in the last quarter. Ancora Advisors LLC bought a new position in shares of Cipher Mining in the second quarter worth approximately $49,000. Finally, Harbor Investment Advisory LLC bought a new position in shares of Cipher Mining in the second quarter worth approximately $58,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.