Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $4.33

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped down before the market opened on Monday . The stock had previously closed at $4.33, but opened at $3.56. Cipher Mining shares last traded at $3.80, with a volume of 1,700,371 shares changing hands.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of research reports. Canaccord Genuity Group reissued a “buy” rating and set a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Cantor Fitzgerald began coverage on Cipher Mining in a research note on Tuesday, June 11th. They set an “overweight” rating and a $9.00 target price on the stock. HC Wainwright upped their price target on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price objective on shares of Cipher Mining in a report on Friday, June 7th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.40.

Cipher Mining Stock Down 2.3 %

The company has a market cap of $1.20 billion, a P/E ratio of 68.83 and a beta of 2.29. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. The company has a fifty day moving average of $4.80 and a 200 day moving average of $4.12.

Cipher Mining (NASDAQ:CIFR) last released its quarterly 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 the consensus estimate of $50.05 million.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of Cipher Mining stock in a transaction on Friday, May 24th. The shares were sold at an average price of $4.08, for a total transaction of $1,202,828.88. Following the transaction, the insider now owns 118,519,768 shares in the company, valued at approximately $483,560,653.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders sold 5,302,379 shares of company stock worth $24,285,016. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently modified their holdings of CIFR. Sloy Dahl & Holst LLC purchased a new position in shares of Cipher Mining during the 4th quarter valued at $44,000. Wolverine Asset Management LLC bought a new stake in Cipher Mining in the fourth quarter worth $49,000. Calamos Advisors LLC bought a new position in shares of Cipher Mining in the 4th quarter valued at about $52,000. Janney Montgomery Scott LLC bought a new stake in shares of Cipher Mining in the 1st quarter valued at approximately $52,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Cipher Mining in the 1st quarter worth approximately $59,000. 12.26% of the stock is currently owned by institutional investors.

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.