Cipher Mining (NASDAQ:CIFR) Trading 7.1% Higher – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) shares rose 7.1% during mid-day trading on Friday . The stock traded as high as $5.32 and last traded at $5.28. Approximately 3,424,395 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 9,074,452 shares. The stock had previously closed at $4.93.

Wall Street Analyst Weigh In

CIFR has been the topic of several recent research reports. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Compass Point lifted their price target on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a research note on Thursday, October 3rd. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Macquarie assumed coverage on Cipher Mining in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 price target on the stock. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Buy” and a consensus target price of $7.36.

Cipher Mining Trading Up 4.7 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The business has a 50-day moving average of $3.94 and a 200-day moving average of $4.25. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 86.35 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. During the same quarter last year, the company posted ($0.05) earnings per share. Research analysts anticipate that Cipher Mining Inc. will post -0.06 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,943,078 shares of company stock worth $23,609,769. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently made changes to their positions in CIFR. Millennium Management LLC boosted its stake in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares during the period. Vanguard Group Inc. boosted its stake in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares during the period. Van ECK Associates Corp boosted its stake in shares of Cipher Mining by 41.5% in 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. Vident Advisory LLC boosted its stake in shares of Cipher Mining by 94.9% in the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after buying an additional 1,090,811 shares during the period. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Cipher Mining in the second quarter valued at approximately $2,142,000. Institutional investors 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.