Cipher Mining (NASDAQ:CIFR) Trading Up 5.9%

Shares of Cipher Mining Inc. (NASDAQ:CIFR) were up 5.9% during trading on Wednesday . The stock traded as high as $3.85 and last traded at $3.79. Approximately 4,097,269 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 9,040,239 shares. The stock had previously closed at $3.58.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research note on Tuesday, September 3rd. Northland Securities assumed coverage on Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price for the company. HC Wainwright upped their target price on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Thursday, August 29th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Buy” and an average price target of $7.21.

Cipher Mining Price Performance

The company’s 50-day moving average price is $3.83 and its two-hundred day moving average price is $4.22. 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 $1.20 billion, a P/E ratio of 63.83 and a beta of 2.24.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 net margin of 11.43% and a return on equity of 3.41%. During the same period last year, the firm posted ($0.05) earnings per share. As a group, sell-side analysts expect that Cipher Mining Inc. will post -0.05 earnings per share for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the transaction, the insider now owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction 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 owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,462,980 shares of company stock worth $20,795,679. 2.25% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

Several large investors have recently made changes to their positions in CIFR. Victory Capital Management Inc. lifted its holdings in Cipher Mining by 21.7% in the 2nd quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock worth $99,000 after purchasing an additional 4,256 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after buying an additional 4,557 shares during the period. B. Riley Wealth Advisors Inc. grew its stake in Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after buying an additional 5,000 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Cipher Mining in the 1st quarter worth $52,000. Finally, Gabelli Funds LLC lifted its position in Cipher Mining by 25.0% during the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock worth $258,000 after acquiring an additional 10,000 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

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.