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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Tuesday . The stock had previously closed at $18.80, but opened at $17.68. Cipher Mining shares last traded at $17.36, with a volume of 5,569,422 shares.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CIFR. Northland Securities set a $27.50 price target on Cipher Mining in a research report on Tuesday, November 4th. BTIG Research restated a “buy” rating and set a $25.00 target price on shares of Cipher Mining in a report on Wednesday, November 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. JMP Securities set a $30.00 price objective on shares of Cipher Mining in a research report on Wednesday, November 19th. Finally, Citizens Jmp started coverage on shares of Cipher Mining in a research note on Wednesday, November 19th. They issued an “outperform” rating and a $30.00 target price for the company. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus price target of $24.73.

Cipher Mining Trading Down 2.9%

The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49. The business’s 50-day moving average is $16.88 and its two-hundred day moving average is $13.17. The firm has a market cap of $7.21 billion, a P/E ratio of -101.83 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. The company had revenue of $106.69 million during the quarter, compared to the consensus estimate of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. As a group, analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 35,569 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $15.08, for a total value of $536,380.52. Following the completion of the transaction, the chief operating officer directly owned 1,151,770 shares of the company’s stock, valued at approximately $17,368,691.60. This trade represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wesley Hastie Williams sold 49,867 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $16.08, for a total transaction of $801,861.36. Following the sale, the director directly owned 158,145 shares in the company, valued at $2,542,971.60. This trade represents a 23.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 408,549 shares of company stock valued at $7,708,644. 2.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CIFR. Millennium Management LLC acquired a new position in Cipher Mining during the first quarter worth approximately $9,316,000. Goldman Sachs Group Inc. boosted its stake in shares of Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after acquiring an additional 1,610,073 shares during the period. Rhumbline Advisers increased its holdings in shares of Cipher Mining by 2.3% during the 1st quarter. Rhumbline Advisers now owns 276,376 shares of the company’s stock worth $636,000 after acquiring an additional 6,270 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Cipher Mining by 33.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 55,992 shares of the company’s stock valued at $268,000 after acquiring an additional 14,072 shares during the period. Finally, Greenleaf Trust bought a new position in Cipher Mining during the second quarter worth $108,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.