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

Cipher Mining Inc. (NASDAQ:CIFR) rose 9.3% on Monday . The company traded as high as $24.43 and last traded at $24.3930. Approximately 9,861,944 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 27,097,590 shares. The stock had previously closed at $22.32.

Analyst Ratings Changes

Several analysts have commented on CIFR shares. Chardan Capital assumed coverage on Cipher Mining in a report on Monday, July 27th. They issued a “buy” rating and a $32.00 price objective on the stock. BTIG Research increased their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. Cantor Fitzgerald cut their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, Rosenblatt Securities restated a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.74.

Cipher Mining Trading Up 12.3%

The company has a 50 day simple moving average of $23.34 and a 200 day simple moving average of $19.08. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The company has a market capitalization of $10.26 billion, a PE ratio of -10.77 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business’s revenue was down 28.8% compared to the same quarter last year. Analysts anticipate that Cipher Mining Inc. will post -0.79 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, Director Cary M. Grossman sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total value of $436,400.00. Following the transaction, the director owned 150,530 shares in the company, valued at approximately $3,284,564.60. This trade represents a 11.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Patrick Arthur Kelly sold 48,000 shares of Cipher Mining stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total transaction of $929,280.00. Following the sale, the chief operating officer directly owned 1,451,856 shares in the company, valued at approximately $28,107,932.16. This trade represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,245,336 shares of company stock worth $83,803,938 in the last quarter. 3.09% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Large investors have recently bought and sold shares of the business. Handelsbanken Fonder AB lifted its stake in Cipher Mining by 59.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 106,600 shares of the company’s stock worth $2,612,000 after purchasing an additional 39,700 shares in the last quarter. Scott Capital Advisors LLC grew its position in shares of Cipher Mining by 26.9% in the second quarter. Scott Capital Advisors LLC now owns 50,740 shares of the company’s stock valued at $1,243,000 after purchasing an additional 10,740 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Cipher Mining by 39.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 77,812 shares of the company’s stock valued at $1,906,000 after purchasing an additional 21,849 shares in the last quarter. Strategic Investment Solutions Inc. IL increased its holdings in shares of Cipher Mining by 726.6% in the second quarter. Strategic Investment Solutions Inc. IL now owns 4,571 shares of the company’s stock valued at $112,000 after purchasing an additional 4,018 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Cipher Mining in the second quarter valued at approximately $58,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.