Cipher Mining (NASDAQ:CIFR) Shares Up 4.7%

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price was up 4.7% on Wednesday . The company traded as high as $4.50 and last traded at $4.44. Approximately 2,642,444 shares were traded during trading, a decline of 69% from the average daily volume of 8,567,624 shares. The stock had previously closed at $4.24.

Analyst Ratings Changes

A number of analysts have weighed in on CIFR shares. Cantor Fitzgerald started coverage on shares of Cipher Mining in a research report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 target price for the company. Canaccord Genuity Group reissued a “buy” rating and set a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Needham & Company LLC reissued a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a research report on Friday, June 7th. Finally, HC Wainwright increased their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.25.

Cipher Mining Price Performance

The stock has a market capitalization of $1.32 billion, a P/E ratio of 74.18 and a beta of 2.28. The business has a fifty day simple moving average of $4.16 and a 200-day simple moving average of $3.80. The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.08 and a current ratio of 8.08.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The firm had revenue of $48.14 million for the quarter, compared to analysts’ expectations of $50.05 million.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 308,973 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $3.72, for a total value of $1,149,379.56. Following the transaction, the insider now directly owns 117,012,102 shares in the company, valued at approximately $435,285,019.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 3,291,715 shares of company stock worth $14,537,483 in the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently bought and sold shares of the stock. First Financial Bankshares Inc bought a new position in Cipher Mining during the 4th quarter valued at $9,901,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Cipher Mining by 30.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock valued at $185,000 after acquiring an additional 10,998 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after acquiring an additional 358,897 shares in the last quarter. Shariaportfolio Inc. bought a new position in Cipher Mining during the 4th quarter valued at $2,460,000. Finally, Wolverine Asset Management LLC bought a new position in Cipher Mining during the 4th quarter valued at $49,000. 12.26% of the stock is currently owned by institutional investors.

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.