Cipher Mining (NASDAQ:CIFR) Trading Up 8.1%

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded up 8.1% on Monday . The stock traded as high as $2.93 and last traded at $2.92. 4,374,149 shares traded hands during trading, a decline of 51% from the average session volume of 8,839,494 shares. The stock had previously closed at $2.70.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CIFR shares. Needham & Company LLC increased their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research note on Tuesday, September 3rd. Compass Point lifted their price objective on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. HC Wainwright upped their target price on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $7.42.

Cipher Mining Trading Down 0.3 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The stock’s 50-day moving average is $4.44 and its two-hundred day moving average is $4.21. The company has a market cap of $961.09 million, a P/E ratio of 52.83 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter in the prior year, the business earned ($0.05) earnings per share. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 376,320 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $4.82, for a total transaction of $1,813,862.40. Following the completion of the transaction, the insider now directly owns 114,053,847 shares in the company, valued at approximately $549,739,542.54. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 8,850,719 shares of company stock valued at $31,982,940. Company insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Victory Capital Management Inc. boosted its holdings in shares of Cipher Mining by 21.7% during the 2nd quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock valued at $99,000 after purchasing an additional 4,256 shares during the last quarter. Amalgamated Bank grew its holdings in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares in the last quarter. B. Riley Wealth Advisors Inc. increased 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 worth $62,000 after acquiring an additional 5,000 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Cipher Mining during the 1st quarter worth approximately $52,000. Finally, Gabelli Funds LLC boosted its position in shares of Cipher Mining by 25.0% during the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock valued at $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.