Cipher Mining (NASDAQ:CIFR) Shares Up 6.1% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) shares were up 6.1% on Tuesday . The stock traded as high as $5.58 and last traded at $5.53. Approximately 4,449,958 shares traded 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 equities research analysts have recently issued reports on the stock. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Northland Securities upped their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Macquarie boosted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Nine investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Price Performance

The company has a market cap of $1.91 billion, a P/E ratio of -42.30 and a beta of 2.29. 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 company has a fifty day simple moving average of $6.13 and a 200-day simple moving average of $4.91.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm posted ($0.07) earnings per share. On average, sell-side analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling

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 on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the sale, the insider now owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. The trade was a 1.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the sale, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This trade represents a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,446,623 shares of company stock valued at $9,000,561 over the last ninety days. 2.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of the stock. Tidal Investments LLC grew its holdings in shares of Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares during the period. Virtu Financial LLC lifted its holdings in shares of Cipher Mining by 21.2% during the 3rd quarter. Virtu Financial LLC now owns 123,437 shares of the company’s stock valued at $478,000 after purchasing an additional 21,566 shares in the last quarter. Barclays PLC grew its position in shares of Cipher Mining by 377.2% in the 3rd quarter. Barclays PLC now owns 296,493 shares of the company’s stock valued at $1,147,000 after purchasing an additional 234,366 shares during the period. Geode Capital Management LLC raised its holdings in Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after buying an additional 1,511,455 shares during the period. Finally, State Street Corp lifted its stake in Cipher Mining by 17.3% in the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after buying an additional 1,019,949 shares in the last quarter. 12.26% of the stock is currently 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.