Cipher Mining (NASDAQ:CIFR) Trading 5.4% Higher – Time to Buy?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) shot up 5.4% during trading on Wednesday . The company traded as high as $6.52 and last traded at $6.46. 1,507,627 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 9,321,323 shares. The stock had previously closed at $6.13.

Analyst Upgrades and Downgrades

CIFR has been the subject of several research analyst reports. Compass Point lifted their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research report on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research note on Thursday, October 3rd. Northland Securities upped their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Macquarie raised their target price 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. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Trading Down 5.5 %

The business’s fifty day moving average price is $5.80 and its two-hundred day moving average price is $4.77. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results 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). The firm had revenue of $24.10 million during the quarter, compared to analyst estimates 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 last year, the business earned ($0.07) earnings per share. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current year.

Insider Buying and Selling

In other news, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The shares were 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 directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now directly owns 619,148 shares in the company, valued at $2,439,443.12. This trade represents a 19.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,593,503 shares of company stock worth $9,568,005 in the last ninety days. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

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