Cipher Mining (NASDAQ:CIFR) Trading 7% Higher – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price rose 7% on Thursday . The company traded as high as $4.87 and last traded at $4.81. Approximately 1,397,372 shares were traded during trading, a decline of 86% from the average daily volume of 10,205,071 shares. The stock had previously closed at $4.50.

Analyst Ratings Changes

CIFR has been the topic of a number of analyst reports. BTIG Research increased their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Macquarie raised their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Northland Securities boosted their price objective 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. Ten research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $8.25.

Cipher Mining Stock Performance

The firm has a market capitalization of $1.99 billion, a P/E ratio of -44.07 and a beta of 2.38. The company’s 50 day moving average is $5.69 and its 200-day moving average is $5.00. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The company had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same quarter last year, the business posted ($0.07) earnings per share. As a group, equities analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction on Friday, November 8th. The stock was 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 of the company’s stock, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 356,881 shares of company stock valued at $2,388,389. 2.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently bought and sold shares of CIFR. State Street Corp lifted its stake in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the period. Geode Capital Management LLC raised its stake in Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Millennium Management LLC boosted its position in Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp grew its position in Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares during the period. Finally, Tidal Investments LLC increased its stake in shares of Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.