Cipher Mining (NASDAQ:CIFR) Trading 7.4% Higher – Here’s Why

Cipher Mining Inc. (NASDAQ:CIFR) shares traded up 7.4% during trading on Thursday . The stock traded as high as $20.59 and last traded at $20.93. 6,178,566 shares traded hands during trading, a decline of 78% from the average session volume of 27,705,598 shares. The stock had previously closed at $19.48.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Keefe, Bruyette & Woods increased their target price on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Sunday, March 1st. HC Wainwright increased their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. 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 research note on Thursday, April 9th. Finally, Morgan Stanley increased their price target on shares of Cipher Mining to $42.50 and gave the company an “overweight” rating in a research note on Tuesday. Fifteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Cipher Mining Trading Up 2.1%

The stock has a market cap of $8.99 billion, a price-to-earnings ratio of -9.43 and a beta of 3.13. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The business’s 50 day simple moving average is $17.18 and its 200 day simple moving average is $16.97.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data 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 company had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. Cipher Mining’s revenue was down 28.8% compared to the same quarter last year. On average, research analysts expect that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Tyler Page sold 37,500 shares of the stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total value of $604,125.00. Following the transaction, the chief executive officer directly owned 8,263,862 shares of the company’s stock, valued at $133,130,816.82. This represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 48,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total transaction of $929,280.00. Following the completion of the transaction, the chief operating officer directly owned 1,451,856 shares in the company, valued at $28,107,932.16. The trade was a 3.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 258,965 shares of company stock valued at $4,588,569. 2.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently modified their holdings of the stock. Sherman Asset Management Inc. bought a new position in shares of Cipher Mining in the third quarter valued at about $25,000. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining in the fourth quarter valued at about $25,000. Arax Advisory Partners raised its position in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares during the period. GAMMA Investing LLC raised its position in shares of Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after purchasing an additional 1,286 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in shares of Cipher Mining in the fourth quarter valued at about $28,000. 12.26% of the stock is owned by institutional investors.

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.