Cipher Mining (NASDAQ:CIFR) Trading Up 8% – Here’s What Happened

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price rose 8% during mid-day trading on Wednesday . The stock traded as high as $15.93 and last traded at $15.89. Approximately 6,125,223 shares traded hands during trading, a decline of 80% from the average daily volume of 30,620,289 shares. The stock had previously closed at $14.71.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Zacks Research lowered shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $12.00 to $18.00 in a research note on Monday, November 24th. Citigroup started coverage on Cipher Mining in a report on Wednesday, November 19th. They issued an “outperform” rating on the stock. Finally, Northland Securities set a $27.50 price objective on shares of Cipher Mining in a research note on Tuesday, November 4th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.46.

Cipher Mining Stock Performance

The stock has a market cap of $6.41 billion, a price-to-earnings ratio of -7.33 and a beta of 2.96. The firm’s 50-day moving average is $16.43 and its two-hundred day moving average is $15.47. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37.

Insiders Place Their Bets

In related news, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $17.76, for a total transaction of $631,687.68. Following the completion of the sale, the chief operating officer owned 1,512,644 shares of the company’s stock, valued at approximately $26,864,557.44. This represents a 2.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James E. Newsome sold 21,821 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $16.03, for a total transaction of $349,790.63. Following the completion of the transaction, the director directly owned 172,492 shares in the company, valued at $2,765,046.76. This trade represents a 11.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 142,825 shares of company stock valued at $2,319,720 in the last 90 days. 2.63% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Los Angeles Capital Management LLC purchased a new stake in Cipher Mining in the fourth quarter valued at approximately $25,000. Arax Advisory Partners lifted its stake in Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after acquiring an additional 1,338 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Cipher Mining by 218.3% during the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after acquiring an additional 1,286 shares during the period. Meeder Asset Management Inc. purchased a new position in Cipher Mining during the 4th quarter valued at about $28,000. Finally, Sherman Asset Management Inc. acquired a new position in Cipher Mining in the 3rd quarter valued at about $25,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.