Cipher Mining (NASDAQ:CIFR) Trading Up 8.5% – Time to Buy?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded up 8.5% on Tuesday . The stock traded as high as $17.00 and last traded at $16.5110. 26,375,623 shares were traded during mid-day trading, a decline of 16% from the average session volume of 31,283,428 shares. The stock had previously closed at $15.22.

Analysts Set New Price Targets

Several brokerages recently commented on CIFR. Canaccord Genuity Group reissued a “buy” rating and issued a $27.00 price target on shares of Cipher Mining in a research note on Monday, December 15th. Needham & Company LLC boosted their target price on shares of Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Citizens Jmp set a $30.00 price objective on shares of Cipher Mining in a research note on Wednesday, November 19th. Finally, HC Wainwright upped their price objective on shares of Cipher Mining to $30.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.11.

Cipher Mining Stock Performance

The stock’s 50-day moving average price is $16.36 and its 200 day moving average price is $15.00. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The company has a market cap of $6.79 billion, a P/E ratio of -95.54 and a beta of 2.95.

Insider Activity

In other Cipher Mining news, COO Patrick Arthur Kelly sold 35,569 shares of Cipher Mining stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $15.08, for a total value of $536,380.52. Following the transaction, the chief operating officer directly owned 1,151,770 shares of the company’s stock, valued at $17,368,691.60. The trade was a 3.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Holly Morrow Evans sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $18.74, for a total transaction of $281,100.00. Following the transaction, the director directly owned 195,512 shares in the company, valued at $3,663,894.88. This trade represents a 7.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 182,825 shares of company stock worth $3,075,820. Insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Cipher Mining by 996.9% during the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company’s stock valued at $10,645,000 after buying an additional 2,023,994 shares during the last quarter. Thames Capital Management LLC bought a new stake in Cipher Mining during the 3rd quarter worth approximately $19,070,000. Legal & General Group Plc lifted its holdings in shares of Cipher Mining by 33.4% in the second quarter. Legal & General Group Plc now owns 298,446 shares of the company’s stock valued at $1,427,000 after purchasing an additional 74,744 shares in the last quarter. Soros Fund Management LLC boosted its position in shares of Cipher Mining by 67.5% during the second quarter. Soros Fund Management LLC now owns 1,300,000 shares of the company’s stock valued at $6,214,000 after buying an additional 524,044 shares during the last quarter. Finally, Two Seas Capital LP purchased a new stake in Cipher Mining in the 2nd quarter valued at $1,195,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.