Cipher Mining (NASDAQ:CIFR) Trading 5.9% Higher – Here’s What Happened

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded up 5.9% during mid-day trading on Monday . The stock traded as high as $13.57 and last traded at $13.5810. 4,511,898 shares changed hands during trading, a decline of 84% from the average session volume of 28,399,828 shares. The stock had previously closed at $12.82.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $27.00 price objective on shares of Cipher Mining in a report on Monday, December 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. Rosenblatt Securities reiterated a “buy” rating and set a $24.00 target price on shares of Cipher Mining in a research note on Thursday, March 26th. Keefe, Bruyette & Woods decreased their target price on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, March 11th. Finally, Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 25th. Fourteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.68.

Cipher Mining Price Performance

The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37. The stock has a market capitalization of $5.68 billion, a PE ratio of -6.49 and a beta of 3.01. The firm has a 50 day moving average price of $15.02 and a 200 day moving average price of $16.46.

Insider Buying and Selling

In other news, CEO Tyler Page sold 37,500 shares of the company’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total value of $604,125.00. Following the completion of the sale, the chief executive officer directly owned 8,263,862 shares in the company, valued at $133,130,816.82. This represents a 0.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Cary M. Grossman sold 30,000 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $14.54, for a total value of $436,200.00. Following the completion of the sale, the director owned 170,530 shares of the company’s stock, valued at $2,479,506.20. This trade represents a 14.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 183,797 shares of company stock valued at $2,915,655. Company insiders own 2.63% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of CIFR. CWM LLC increased its stake in Cipher Mining by 43.3% in the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after buying an additional 804 shares in the last quarter. Prospera Financial Services Inc increased its stake in Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock worth $230,000 after buying an additional 980 shares in the last quarter. GAMMA Investing LLC increased its stake in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after buying an additional 1,286 shares in the last quarter. Arax Advisory Partners increased its stake in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after buying an additional 1,338 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Cipher Mining by 26.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,077 shares of the company’s stock worth $104,000 after buying an additional 1,468 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.