Cipher Mining (NASDAQ:CIFR) Shares Gap Down – Should You Sell?

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down before the market opened on Friday . The stock had previously closed at $16.77, but opened at $16.19. Cipher Mining shares last traded at $16.38, with a volume of 2,771,795 shares traded.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of recent research reports. Morgan Stanley set a $43.50 target price on shares of Cipher Mining in a report on Thursday, August 6th. Chardan Capital reissued a “buy” rating and set a $32.00 price target on shares of Cipher Mining in a report on Tuesday, August 4th. Keefe, Bruyette & Woods dropped their price target on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. BTIG Research increased their price objective on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Sanford C. Bernstein initiated coverage on Cipher Mining in a report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and a consensus target price of $28.61.

Cipher Mining Stock Down 7.3%

The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of -5.43 and a beta of 3.20. The firm’s 50-day simple moving average is $20.67 and its two-hundred day simple moving average is $19.14.

Cipher Mining (NASDAQ:CIFR) last posted 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 firm had revenue of $24.84 million for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm posted ($0.12) earnings per share. Sell-side analysts predict that Cipher Mining Inc. will post -1.37 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the completion of the sale, the director directly owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. The trade was a 9.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the sale, the chief executive officer directly owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. This represents a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 3,131,258 shares of company stock worth $81,429,288. 3.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of CIFR. Los Angeles Capital Management LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at $25,000. Arax Advisory Partners boosted its holdings in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Cipher Mining during the fourth quarter valued at about $28,000. Danske Bank A S increased its stake in Cipher Mining by 1,150.0% during the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after acquiring an additional 2,300 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Cipher Mining by 43.3% in the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after purchasing an additional 804 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

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.