Cipher Mining (NASDAQ:CIFR) Shares Gap Down to $3.01

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $3.01, but opened at $2.93. Cipher Mining shares last traded at $3.02, with a volume of 104,961 shares.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $6.00 price target on shares of Cipher Mining in a research note on Tuesday. HC Wainwright increased their price target on Cipher Mining from $3.00 to $4.50 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Compass Point lifted their price objective on Cipher Mining from $4.00 to $5.50 in a research note on Thursday, July 20th. Needham & Company LLC reissued a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research note on Wednesday, August 9th. Finally, Canaccord Genuity Group raised their target price on Cipher Mining from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Wednesday, August 16th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Cipher Mining presently has an average rating of “Buy” and an average target price of $5.10.

Cipher Mining Stock Down 1.3 %

The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.03. The firm’s fifty day moving average price is $3.59 and its 200-day moving average price is $2.71. The company has a market cap of $745.35 million, a price-to-earnings ratio of -59.20 and a beta of 2.41.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 8th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The business had revenue of $31.22 million during the quarter, compared to analysts’ expectations of $32.20 million. Sell-side analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider William Iwaschuk sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $3.58, for a total value of $358,000.00. Following the completion of the transaction, the insider now owns 173,989 shares in the company, valued at $622,880.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider William Iwaschuk sold 100,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $3.58, for a total transaction of $358,000.00. Following the completion of the transaction, the insider now directly owns 173,989 shares in the company, valued at $622,880.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Cary M. Grossman sold 85,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $3.63, for a total transaction of $308,550.00. Following the completion of the sale, the director now directly owns 226,659 shares in the company, valued at approximately $822,772.17. The disclosure for this sale can be found here. Corporate insiders own 2.21% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently made changes to their positions in the stock. State Street Corp lifted its stake in Cipher Mining by 208.0% in the second quarter. State Street Corp now owns 2,197,387 shares of the company’s stock valued at $6,285,000 after acquiring an additional 1,483,836 shares during the last quarter. Van ECK Associates Corp lifted its stake in Cipher Mining by 2,606.0% in the 1st quarter. Van ECK Associates Corp now owns 1,078,652 shares of the company’s stock valued at $2,514,000 after purchasing an additional 1,038,790 shares during the last quarter. Vanguard Group Inc. grew its holdings in Cipher Mining by 103.8% during the first quarter. Vanguard Group Inc. now owns 1,893,078 shares of the company’s stock worth $6,891,000 after purchasing an additional 964,326 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Cipher Mining by 221.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 968,670 shares of the company’s stock worth $2,770,000 after buying an additional 667,152 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Cipher Mining by 1,738.2% in the fourth quarter. Renaissance Technologies LLC now owns 645,200 shares of the company’s stock valued at $361,000 after buying an additional 610,100 shares during the period. Institutional investors and hedge funds own 6.70% of the company’s stock.

About Cipher Mining

Cipher Mining Inc, a technology company, develops and operates 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 is a subsidiary of Bitfury Holding B.V.