Cipher Mining (NASDAQ:CIFR) Trading Up 4.1%

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price traded up 4.1% during trading on Monday . The company traded as high as $3.03 and last traded at $3.02. 2,839,266 shares were traded during mid-day trading, a decline of 68% from the average session volume of 8,827,419 shares. The stock had previously closed at $2.90.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a report on Tuesday, September 3rd. Needham & Company LLC upped their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Compass Point upped their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $7.70.

Cipher Mining Stock Performance

The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. The company has a market cap of $926.99 million, a price-to-earnings ratio of 48.33 and a beta of 2.24. The stock has a 50 day moving average price of $4.19 and a two-hundred day moving average price of $4.20.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate 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 return on equity of 3.41% and a net margin of 11.43%. During the same period in the previous year, the company earned ($0.05) EPS. Analysts predict that Cipher Mining Inc. will post -0.05 EPS for the current year.

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 466,915 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $4.30, for a total value of $2,007,734.50. Following the completion of the sale, the insider now owns 111,489,712 shares in the company, valued at approximately $479,405,761.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 7,270,170 shares of company stock valued at $24,232,346 over the last three months. 2.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CIFR. Amalgamated Bank raised its stake in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the period. Xponance Inc. acquired a new stake in shares of Cipher Mining in the second quarter valued at approximately $45,000. Janney Montgomery Scott LLC bought a new stake in shares of Cipher Mining in the first quarter worth $52,000. Price T Rowe Associates Inc. MD acquired a new position in Cipher Mining during the first quarter worth $59,000. Finally, B. Riley Wealth Advisors Inc. grew its position in Cipher Mining by 50.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 5,000 shares in the last quarter. 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.