Cipher Mining (NASDAQ:CIFR) Trading Up 8.2% – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR)’s share price traded up 8.2% on Thursday . The company traded as high as $15.98 and last traded at $15.5690. 8,141,442 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 30,192,324 shares. The stock had previously closed at $14.39.

Analyst Ratings Changes

Several research firms have recently issued reports on CIFR. JMP Securities set a $30.00 price objective on Cipher Mining in a research report on Wednesday, November 19th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $27.00 price target on shares of Cipher Mining in a report on Monday. Compass Point started coverage on shares of Cipher Mining in a research note on Monday, September 15th. They issued a “buy” rating on the stock. BTIG Research restated a “buy” rating and set a $25.00 price objective on shares of Cipher Mining in a research report on Wednesday, November 5th. Finally, Wells Fargo & Company set a $18.00 target price on shares of Cipher Mining in a report on Monday, November 24th. Thirteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.73.

Cipher Mining Stock Performance

The company has a market cap of $5.98 billion, a PE ratio of -84.08 and a beta of 2.91. The stock has a 50 day simple moving average of $18.39 and a two-hundred day simple moving average of $11.10. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The business had revenue of $106.69 million for the quarter, compared to analyst estimates of $79.13 million. Equities analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other news, insider William Iwaschuk sold 173,094 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total value of $3,898,076.88. Following the completion of the sale, the insider directly owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. This represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the transaction, the insider owned 71,437,719 shares in the company, valued at $882,970,206.84. This trade represents a 4.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 14,689,007 shares of company stock worth $223,279,679. 2.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently bought and sold shares of CIFR. Sherman Asset Management Inc. purchased a new position in Cipher Mining during the third quarter worth about $25,000. Hollencrest Capital Management purchased a new position in shares of Cipher Mining during the 3rd quarter worth approximately $31,000. Peterson Wealth Services purchased a new stake in shares of Cipher Mining in the third quarter valued at approximately $41,000. Parallel Advisors LLC grew its holdings in Cipher Mining by 663.0% during the third quarter. Parallel Advisors LLC now owns 4,166 shares of the company’s stock worth $52,000 after acquiring an additional 3,620 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Cipher Mining by 184.3% during the third quarter. PNC Financial Services Group Inc. now owns 5,328 shares of the company’s stock worth $67,000 after acquiring an additional 3,454 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

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.