Cipher Mining (NASDAQ:CIFR) Trading Up 9.3% – Still a Buy?

Cipher Mining Inc. (NASDAQ:CIFR) was up 9.3% during trading on Wednesday . The company traded as high as $24.72 and last traded at $25.1540. Approximately 15,498,122 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 27,684,982 shares. The stock had previously closed at $23.02.

Wall Street Analyst Weigh In

Several analysts have issued reports on CIFR shares. Rosenblatt Securities upped their price target on shares of Cipher Mining from $24.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. BTIG Research reaffirmed a “buy” rating and issued a $25.00 target price on shares of Cipher Mining in a research note on Wednesday, May 6th. Morgan Stanley boosted their price target on Cipher Mining to $42.50 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. HC Wainwright upped their price objective on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen lowered Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Fifteen equities 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $27.00.

Cipher Mining Price Performance

The company has a 50 day simple moving average of $17.52 and a 200 day simple moving average of $16.91. The company has a market capitalization of $10.29 billion, a price-to-earnings ratio of -10.80 and a beta of 3.13. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The business’s revenue for the quarter was down 28.8% compared to the same quarter last year. As a group, research analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insiders Place Their Bets

In other news, Director Wesley Hastie Williams sold 14,567 shares of Cipher Mining stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $21.41, for a total transaction of $311,879.47. Following the sale, the director owned 115,409 shares in the company, valued at $2,470,906.69. This trade represents a 11.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 48,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total transaction of $929,280.00. Following the completion of the transaction, the chief operating officer owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. This trade represents a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 258,965 shares of company stock valued at $4,588,569. Company insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

Large investors have recently modified their holdings of the business. Abel Hall LLC increased its position in shares of Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock worth $259,000 after acquiring an additional 739 shares during the last quarter. CWM LLC grew its stake in Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after purchasing an additional 804 shares in the last quarter. Prospera Financial Services Inc grew its stake in Cipher Mining by 6.7% during the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock valued at $230,000 after purchasing an additional 980 shares in the last quarter. GAMMA Investing LLC increased its holdings in Cipher Mining by 218.3% during the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after purchasing an additional 1,286 shares during the last quarter. Finally, Arax Advisory Partners raised its position in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

About Cipher Mining

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.