Cipher Mining (NASDAQ:CIFR) Trading 6.1% Higher – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price rose 6.1% on Tuesday . The company traded as high as $5.58 and last traded at $5.53. Approximately 4,449,958 shares were traded during trading, a decline of 53% from the average daily volume of 9,446,605 shares. The stock had previously closed at $5.21.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CIFR shares. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a research report on Tuesday, December 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Needham & Company LLC restated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Northland Securities upped their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Nine analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The stock has a market capitalization of $1.91 billion, a P/E ratio of -42.30 and a beta of 2.29. The business’s fifty day moving average price is $6.11 and its two-hundred day moving average price is $4.90.

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

Insider Buying and Selling

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This represents a 1.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the business’s 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 transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,596,623 shares of company stock worth $9,591,561 in the last three months. 2.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently modified their holdings of CIFR. Amalgamated Bank boosted its position in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining in the third quarter valued at approximately $33,000. Xponance Inc. acquired a new position in shares of Cipher Mining during the 2nd quarter worth approximately $45,000. W Advisors LLC purchased a new stake in Cipher Mining in the 3rd quarter worth $45,000. Finally, Prospect Financial Services LLC purchased a new stake in shares of Cipher Mining during the third quarter worth about $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.