Cipher Mining (NASDAQ:CIFR) Trading 7.4% Higher – What’s Next?

Cipher Mining Inc. (NASDAQ:CIFR)’s share price traded up 7.4% during mid-day trading on Friday . The stock traded as high as $5.69 and last traded at $5.58. 1,487,992 shares were traded during trading, a decline of 79% from the average session volume of 7,018,231 shares. The stock had previously closed at $5.20.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CIFR shares. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research note on Tuesday, December 10th. Macquarie raised their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Northland Securities raised their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 target price on shares of Cipher Mining in a research report on Tuesday, January 7th. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $8.25.

Cipher Mining Price Performance

The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $6.01 and its 200-day moving average is $4.96. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -43.34 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter last year, the company posted ($0.07) earnings per share. Equities research analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. The trade was a 1.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,356,881 shares of company stock valued at $8,608,389 in the last three months. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its stake in shares of Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Tidal Investments LLC boosted its position in Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares during the period. Geode Capital Management LLC raised its holdings in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after acquiring an additional 1,511,455 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the period. Finally, Paloma Partners Management Co acquired a new position in shares of Cipher Mining during the third quarter worth $4,029,000. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

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.