Cipher Mining (NASDAQ:CIFR) Shares Up 7% – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR) traded up 7% during mid-day trading on Thursday . The company traded as high as $4.87 and last traded at $4.81. 1,397,372 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 10,205,071 shares. The stock had previously closed at $4.50.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several recent research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a research report on Tuesday, January 7th. Macquarie increased their price objective on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining has an average rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Trading Up 6.6 %

The business’s fifty day simple moving average is $5.72 and its two-hundred day simple moving average is $5.00. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $1.67 billion, a P/E ratio of -36.96 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. As a group, analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was 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 directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 356,881 shares of company stock worth $2,388,389. 2.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. Rhumbline Advisers increased its position in shares of Cipher Mining by 23.1% during the 4th quarter. Rhumbline Advisers now owns 270,106 shares of the company’s stock worth $1,253,000 after purchasing an additional 50,630 shares in the last quarter. Apollon Wealth Management LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth approximately $49,000. Tobam raised its stake in shares of Cipher Mining by 22.7% in the fourth quarter. Tobam now owns 18,023 shares of the company’s stock valued at $84,000 after acquiring an additional 3,336 shares during the last quarter. TRU Independence Asset Management 2 LLC boosted its holdings in shares of Cipher Mining by 66.9% in the 4th quarter. TRU Independence Asset Management 2 LLC now owns 56,760 shares of the company’s stock worth $263,000 after acquiring an additional 22,760 shares in the last quarter. Finally, Mariner Investment Group LLC bought a new stake in Cipher Mining during the 4th quarter worth approximately $232,000. 12.26% of the stock is owned by institutional investors.

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.