Cipher Mining (NASDAQ:CIFR) Stock Price Up 7.4% – Here’s Why

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded up 7.4% during mid-day trading on Thursday . The stock traded as high as $5.58 and last traded at $5.53. 2,291,204 shares traded hands during trading, a decline of 75% from the average session volume of 9,034,655 shares. The stock had previously closed at $5.15.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CIFR shares. Needham & Company LLC raised their price objective on 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 restated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Macquarie began coverage on shares of Cipher Mining in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 price target on the stock. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, 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 note on Thursday, August 15th. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $7.21.

Cipher Mining Stock Up 2.7 %

The company’s 50 day simple moving average is $3.76 and its 200-day simple moving average is $4.20. The firm has a market cap of $1.64 billion, a P/E ratio of 92.67 and a beta of 2.25. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter in the previous year, the firm posted ($0.05) EPS. Research analysts forecast that Cipher Mining Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares of the company’s stock, valued at $284,812,050.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,943,078 shares of company stock valued at $17,389,769. 2.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Amalgamated Bank increased its holdings in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares in the last quarter. Xponance Inc. bought a new stake in shares of Cipher Mining during the 2nd quarter valued at $45,000. Prospect Financial Services LLC purchased a new position in shares of Cipher Mining during the 3rd quarter valued at $47,000. SG Americas Securities LLC bought a new position in Cipher Mining in the 3rd quarter worth $49,000. Finally, Janney Montgomery Scott LLC bought a new position in Cipher Mining in the 1st quarter worth $52,000. Institutional investors 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.