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

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CIFR. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Thursday, August 29th. Macquarie began coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 target price on the stock. Northland Securities began coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a report on Friday. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Cipher Mining currently has a consensus rating of “Buy” and a consensus price target of $7.36.

Cipher Mining Stock Up 4.7 %

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 company has a market cap of $1.73 billion, a PE ratio of 86.35 and a beta of 2.25. The firm has a fifty day simple moving average of $3.94 and a 200 day simple moving average of $4.25.

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

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’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 completion of the transaction, the insider now owns 99,047,588 shares in the company, valued at $616,075,997.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was 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 of the company’s stock, valued at approximately $2,439,443.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $616,075,997.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,943,078 shares of company stock worth $23,609,769 in the last 90 days. 2.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in 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 buying an additional 2,164,383 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Cipher Mining during the second quarter valued at $1,332,000. Swiss National Bank lifted its holdings in shares of Cipher Mining by 27.0% during the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after purchasing an additional 26,700 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Cipher Mining by 243.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after acquiring an additional 389,079 shares in the last quarter. Finally, Duncan Williams Asset Management LLC purchased a new stake in Cipher Mining in the 3rd quarter worth about $553,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.