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

Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Thursday . The stock had previously closed at $16.90, but opened at $16.05. Cipher Mining shares last traded at $16.4180, with a volume of 17,255,120 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Jefferies Financial Group assumed coverage on Cipher Mining in a report on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective on the stock. BTIG Research increased their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Sanford C. Bernstein began coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price on the stock. Finally, Citigroup reissued a “market outperform” rating on shares of Cipher Mining in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus price target of $28.61.

Cipher Mining Trading Down 5.4%

The business has a 50-day moving average price of $18.95 and a two-hundred day moving average price of $19.16. The company has a market cap of $6.64 billion, a P/E ratio of -5.58 and a beta of 3.15. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69.

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

Insider Activity at Cipher Mining

In other Cipher Mining news, Director James Newsome sold 3,758 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total value of $99,962.80. Following the sale, the director owned 128,530 shares in the company, valued at approximately $3,418,898. The trade was a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares in the company, valued at $192,494,727.75. This trade represents a 1.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 131,258 shares of company stock valued at $2,925,288. 3.09% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of CIFR. Los Angeles Capital Management LLC bought a new stake in Cipher Mining during the fourth quarter worth about $25,000. Arax Advisory Partners increased its position in shares of 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 purchasing an additional 1,338 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Cipher Mining during the 4th quarter worth approximately $28,000. CoreCap Advisors LLC raised its stake in shares of Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Cipher Mining by 259.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock valued at $43,000 after buying an additional 2,423 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.