Cipher Mining (NASDAQ:CIFR) Shares Up 7.8% – Time to Buy?

Cipher Mining Inc. (NASDAQ:CIFR) shares shot up 7.8% during trading on Friday . The company traded as high as $18.14 and last traded at $17.9150. Approximately 26,155,356 shares changed hands during trading, a decline of 6% from the average daily volume of 27,835,762 shares. The stock had previously closed at $16.62.

Analysts Set New Price Targets

Several research firms have recently weighed in on CIFR. BTIG Research boosted their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. HC Wainwright raised their price target on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Jefferies Financial Group assumed coverage on Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 price target on the stock. Keefe, Bruyette & Woods reduced their price objective on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Finally, Morgan Stanley set a $43.50 price objective on Cipher Mining in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $28.61.

Cipher Mining Trading Up 7.4%

The business’s 50-day moving average is $22.27 and its two-hundred day moving average is $19.11. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The stock has a market capitalization of $7.41 billion, a PE ratio of -6.24 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The firm had revenue of $24.84 million for the quarter, compared to analysts’ expectations of $31.86 million. During the same quarter in the previous year, the company posted ($0.12) EPS. As a group, equities research analysts anticipate that Cipher Mining Inc. will post -1.37 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 1,800,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total transaction of $47,916,000.00. Following the completion of the transaction, the insider directly owned 59,516,694 shares of the company’s stock, valued at $1,584,334,394.28. This represents a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares of the company’s stock, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 3,145,825 shares of company stock valued at $81,741,167. Insiders own 3.09% of the company’s stock.

Institutional Trading of Cipher Mining

Hedge funds have recently modified their holdings of the business. HighTower Advisors LLC grew its position in Cipher Mining by 16.6% during the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after buying an additional 95,686 shares during the period. Foundations Investment Advisors LLC acquired a new stake in shares of Cipher Mining during the 4th quarter valued at approximately $667,000. Purpose Unlimited Inc. acquired a new stake in shares of Cipher Mining during the 4th quarter valued at approximately $1,558,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in shares of Cipher Mining during the 1st quarter worth approximately $2,188,000. Finally, Situational Awareness LP boosted its stake in shares of Cipher Mining by 82.4% during the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after acquiring an additional 4,728,600 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

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.