Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.58

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $4.58, but opened at $4.47. Cipher Mining shares last traded at $4.57, with a volume of 871,227 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have commented on CIFR. HC Wainwright boosted their target price on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Canaccord Genuity Group reissued a “buy” rating and issued a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a report on Friday, June 7th. Finally, Cantor Fitzgerald began coverage on Cipher Mining in a report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.25.

Cipher Mining Stock Performance

The stock has a 50-day simple moving average of $4.19 and a 200-day simple moving average of $3.86. The stock has a market cap of $1.44 billion, a P/E ratio of 76.33 and a beta of 2.29. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The business had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $50.05 million.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 490,275 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $4.12, for a total transaction of $2,019,933.00. Following the completion of the sale, the insider now directly owns 110,520,831 shares in the company, valued at $455,345,823.72. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold 4,692,735 shares of company stock worth $20,486,934 over the last three months. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently made changes to their positions in CIFR. Barclays PLC grew its stake in Cipher Mining by 93.4% in the third quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after acquiring an additional 7,720 shares during the period. Sloy Dahl & Holst LLC bought a new stake in shares of Cipher Mining in the 4th quarter worth approximately $44,000. Wolverine Asset Management LLC purchased a new stake in Cipher Mining in the fourth quarter worth $49,000. Bellecapital International Ltd. purchased a new stake in Cipher Mining in the 4th quarter worth about $51,000. Finally, Calamos Advisors LLC bought a new stake in Cipher Mining in the 4th quarter valued at about $52,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.