Cipher Mining (NASDAQ:CIFR) Stock Price Up 8.6% – Time to Buy?

Shares of Cipher Mining Inc. (NASDAQ:CIFR) traded up 8.6% during mid-day trading on Friday . The stock traded as high as $16.15 and last traded at $16.0230. 7,362,784 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 26,987,300 shares. The stock had previously closed at $14.76.

Wall Street Analyst Weigh In

CIFR has been the topic of several research analyst reports. Rosenblatt Securities upped their target price on Cipher Mining to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Macquarie upped their price target on Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. Compass Point assumed coverage on Cipher Mining in a research note on Monday, September 15th. They issued a “buy” rating for the company. Northland Securities set a $27.50 target price on Cipher Mining in a research report on Tuesday, November 4th. Finally, Wells Fargo & Company set a $18.00 target price on Cipher Mining in a report on Monday, November 24th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cipher Mining has an average rating of “Moderate Buy” and a consensus target price of $24.73.

Cipher Mining Trading Up 9.4%

The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 2.49. The firm’s fifty day moving average is $17.68 and its two-hundred day moving average is $11.94. The firm has a market capitalization of $6.38 billion, a PE ratio of -89.83 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $106.69 million during the quarter, compared to analyst estimates of $79.13 million. On average, equities analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cipher Mining news, Director James E. Newsome sold 21,821 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $16.03, for a total value of $349,790.63. Following the transaction, the director directly owned 172,492 shares in the company, valued at $2,765,046.76. The trade was a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Holly Morrow Evans sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $18.74, for a total transaction of $281,100.00. Following the sale, the director owned 195,512 shares of the company’s stock, valued at approximately $3,663,894.88. The trade was a 7.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 4,970,973 shares of company stock valued at $102,884,253. Company insiders own 2.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Tudor Investment Corp ET AL increased its holdings in Cipher Mining by 2,574.9% in the 3rd quarter. Tudor Investment Corp ET AL now owns 2,386,854 shares of the company’s stock worth $30,050,000 after acquiring an additional 2,297,623 shares during the last quarter. Value Aligned Research Advisors LLC bought a new position in Cipher Mining during the third quarter worth about $64,266,000. Swiss Life Asset Management Ltd bought a new position in Cipher Mining during the third quarter worth about $149,000. CIBC Bancorp USA Inc. purchased a new stake in shares of Cipher Mining during the 3rd quarter valued at approximately $356,000. Finally, Centaurus Financial Inc. boosted its holdings in Cipher Mining by 5.1% in the 3rd quarter. Centaurus Financial Inc. now owns 136,641 shares of the company’s stock worth $1,720,000 after buying an additional 6,679 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.