Cipher Mining (NASDAQ:CIFR) Shares Gap Down - Time to Sell?

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $17.38, but opened at $16.65. Cipher Mining shares last traded at $16.3810, with a volume of 7,571,325 shares changing hands.

Analyst Upgrades and Downgrades

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CIFR has been the subject of a number of research analyst reports. Jones Trading began coverage on Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $27.00 target price (up previously from $16.00) on shares of Cipher Mining in a research note on Tuesday, November 4th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Cipher Mining in a report on Tuesday. JPMorgan Chase & Co. boosted their price objective on shares of Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a research report on Friday, September 26th. Finally, HC Wainwright increased their target price on shares of Cipher Mining to $30.00 and gave the stock a "buy" rating in a research report on Monday, November 3rd. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cipher Mining has an average rating of "Moderate Buy" and a consensus target price of $23.77.

Get Our Latest Stock Analysis on CIFR

Cipher Mining Trading Down 9.5%

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The company has a market cap of $6.22 billion, a price-to-earnings ratio of -89.21 and a beta of 2.91. The company's 50 day moving average price is $15.90 and its 200 day moving average price is $8.69. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $71.71 million during the quarter, compared to analysts' expectations of $79.13 million. Research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity at Cipher Mining

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In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the firm's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the transaction, the insider directly owned 71,437,719 shares of the company's stock, valued at approximately $882,970,206.84. This trade represents a 4.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 20,822,449 shares of company stock worth $279,929,441. Corporate insiders own 2.63% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sherman Asset Management Inc. acquired a new stake in shares of Cipher Mining in the third quarter worth $25,000. Stoneridge Investment Partners LLC acquired a new position in Cipher Mining during the 1st quarter worth $29,000. Hollencrest Capital Management bought a new stake in Cipher Mining during the third quarter valued at about $31,000. Peterson Wealth Services bought a new stake in Cipher Mining during the third quarter valued at about $41,000. Finally, Steward Partners Investment Advisory LLC increased its stake in shares of Cipher Mining by 258.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock worth $43,000 after purchasing an additional 6,516 shares during the period. Institutional investors and hedge funds own 12.26% of the company's stock.

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.

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