Cipher Mining (NASDAQ:CIFR) Shares Up 7.4% – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR) shares were up 7.4% on Thursday . The stock traded as high as $5.58 and last traded at $5.53. Approximately 2,291,204 shares traded hands during trading, a decline of 75% from the average daily volume of 9,034,655 shares. The stock had previously closed at $5.15.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CIFR shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. Compass Point boosted their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, Macquarie initiated coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $7.21.

Cipher Mining Trading Up 2.7 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The stock has a fifty day moving average of $3.76 and a 200-day moving average of $4.20. The company has a market cap of $1.64 billion, a PE ratio of 92.67 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter last year, the business posted ($0.05) EPS. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the transaction, the insider now directly owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,943,078 shares of company stock valued at $17,389,769 over the last quarter. 2.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Millennium Management LLC raised its holdings 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 in the last quarter. Vanguard Group Inc. raised its stake in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Vident Advisory LLC lifted its position in Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after acquiring an additional 1,090,811 shares during the last quarter. Van ECK Associates Corp boosted its stake in Cipher Mining by 38.9% in the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after acquiring an additional 765,238 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in Cipher Mining in the second quarter worth $2,142,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.