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

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $5.73, but opened at $5.23. Cipher Mining shares last traded at $5.50, with a volume of 3,825,336 shares.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Northland Securities upped their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Macquarie lifted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald lowered their price target on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and an average price target of $8.14.

Cipher Mining Stock Performance

The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock’s fifty day simple moving average is $5.65 and its 200-day simple moving average is $4.97.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 356,281 shares of company stock valued at $2,384,189. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in shares of Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after purchasing an additional 5,432 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in Cipher Mining in the third quarter valued at approximately $33,000. W Advisors LLC purchased a new stake in Cipher Mining during the third quarter worth approximately $45,000. KBC Group NV acquired a new stake in shares of Cipher Mining in the fourth quarter worth $46,000. Finally, Prospect Financial Services LLC purchased a new position in shares of Cipher Mining in the 3rd quarter valued at $47,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.