Cipher Mining (NASDAQ:CIFR) Trading 8.1% Higher

Cipher Mining Inc. (NASDAQ:CIFR)’s share price traded up 8.1% during mid-day trading on Monday . The stock traded as high as $2.93 and last traded at $2.92. 4,374,149 shares traded hands during trading, a decline of 51% from the average session volume of 8,839,494 shares. The stock had previously closed at $2.70.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several analyst reports. Needham & Company LLC boosted their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Compass Point raised their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. HC Wainwright boosted their price target on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Thursday, August 29th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $7.42.

Cipher Mining Stock Performance

The firm’s 50 day moving average price is $4.51 and its two-hundred day moving average price is $4.22. The firm has a market cap of $985.69 million, a PE ratio of 48.67 and a beta of 2.25. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. During the same quarter last year, the firm earned ($0.05) earnings per share. On average, research analysts forecast that Cipher Mining Inc. will post -0.05 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 366,042 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $5.00, for a total transaction of $1,830,210.00. Following the transaction, the insider now directly owns 114,430,167 shares in the company, valued at $572,150,835. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 5,384,872 shares of company stock worth $22,858,309 over the last three months. Insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of CIFR. Victory Capital Management Inc. raised its stake in shares of Cipher Mining by 21.7% in the second quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock valued at $99,000 after acquiring an additional 4,256 shares in the last quarter. Amalgamated Bank increased its holdings in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the period. B. Riley Wealth Advisors Inc. raised its position in Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 5,000 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Cipher Mining in the 1st quarter valued at about $52,000. Finally, Gabelli Funds LLC grew its position in shares of Cipher Mining by 25.0% during the first quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock worth $258,000 after buying an additional 10,000 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, 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.