Cipher Mining (NASDAQ:CIFR) Trading Up 6.1% – Still a Buy?

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

Analysts Set New Price Targets

A number of brokerages have weighed in on CIFR. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a report on Tuesday, December 10th. 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. Northland Securities upped their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, BTIG Research increased their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Price Performance

The stock’s fifty day moving average price is $6.11 and its 200-day moving average price is $4.90. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -42.30 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last posted its 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 return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the prior year, the firm earned ($0.07) earnings per share. Equities research analysts predict that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the sale, the insider now owns 99,047,588 shares in the company, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,596,623 shares of company stock valued at $9,591,561. 2.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp raised its stake in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after acquiring an additional 1,019,949 shares during the period. Geode Capital Management LLC raised 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 valued at $21,327,000 after acquiring an additional 1,511,455 shares in the last quarter. Millennium Management LLC raised its stake in 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 purchasing an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp increased its holdings in Cipher Mining by 41.5% in the 3rd 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. Finally, Tidal Investments LLC lifted its stake in Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares during the last quarter. 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.